Emirates Steel, wholly-owned by Abu Dhabi’s General Holding Corp (Senaat), announced a strong set of financial results for 2017 at its annual media briefing.
Emirates Steel saw revenues reach 6.6 billion dirhams ($ 1.8 billion) in 2017, up 22 per cent on the year, and saw a 12 per cent increase in earnings before interest, taxes, depreciation and amortisation (EBITDA).
H.E. Engineer Saeed Ghumran Al Remeithi, Chief Executive Officer said: “The positive results achieved by Emirates Steel in 2017 clearly indicate success of the company’s resilient business model, despite the challenges faced by the metals and steel industry globally."
Emirates Steel said it exports 20 per cent of its output to overseas markets, with 5 per cent going to the U.S. market.
During the annual media briefing held at its headquarters the CEO stated that production last year totalled 3.2 million tonnes (mt) compared with 3.1 mt in the previous year. It is aiming to increase production to 3.3 mt this year.
Al Remeithi added: “In addition, the company has continued to produce rebar and increase its production to 2.2 million ton per annum in 2017, compared to 2.1 million ton per annum in 2016."
He concluded: "“Having delivered year on year growth, the company continues to enhance its position as a world class steel manufacturer, providing the highest quality products, services and solutions to our customers.”