UAE-based steel producer Emirates Steel Industries (ESI) has announced its financial results for 2013, stating that its sales revenues amounted to AED 6.5 billion ($ 1.8 billion), almost eight percent higher than 2012, despite sluggish demand levels across the global steel industry, excess steelmaking capacity in the world markets and continuing volatility in raw material costs.
In 2013, the steel producer's long products output reached 2.6 million mt, rising by 12 percent year on year, including 1.7 million mt of rebar, 316,000 mt of structural steel and 573,000 mt of wire rod. Encouraged by a buoyant project market in the region, the steelmaker sold 3 million mt of steel products in 2013, of which 1.9 million mt were sold in the UA domestic market. The balance was exported to a diverse range of markets, including Europe, the Far East, the Americas and the Middle East.
As Emirates Steel noted, the World Steel Association (worldsteel) forecasts steel demand in 2014 in the Middle East and North Africa (MENA) region will grow by 7.3 percent year on year to reach 69 million mt. HE Saeed G Al Romaithi, Emirates Steel CEO, said that construction projects in the Gulf Cooperation Council (GCC) region will be the key driver in supporting the steel industry's growth in the near term, followed by oil and gas, petrochemicals and other infrastructure projects.
Emirates Steel said it enters 2014 with optimism and that the company looks to maintain its growth and deliver an enhanced range of products and service levels to its customers, and to deliver even more impressive results for its stakeholders.