By: Ramy Sameeh
Dubai – Mubasher: Steel manufacturer Conares intends to increase its investments in UAE to $240 million by the end of 2017, according to the company’s CEO Bharat Bhatia.
The company’s investments currently stand at $200 million, with plans to carry out two expansion projects worth $20 million each, Bhatia added on the sidelines of the Big 5 construction event in Dubai.
Conares has an annual production capacity of 750,000 metric tonnes, including 500,000 metric tonnes of rebar, and 250,000 metric tonnes of ERW pipe.
The first expansion project targets to raise the company’s production to 1 million metric tonnes by April 2017, while the second expansion is expected to be launched by the fourth quarter of the same year, the CEO noted.
The expansion plans aim to meet the increasing local demand for steel products needed for the current infrastructure projects related to Dubai Expo 2020, Bhatia said.
The steel manufacturer is expected to post a growth of 15-18% year-on-year in its revenues and production this year, he said, adding that the company’s market share represent 20% of steel bars and 12% iron pipes.
Translated by: Julian Nabil
