By: Amr Adel
Dubai – Mubasher: Emirates Steel production is expected to grow between 5% and 7% in 2017, CEO, Saeed Al Remeithi, said.
Al Remeithi, added on the sidelines of the Middle East Iron and Steel Conference in Dubai on Tuesday, that the company is working with its full output capacity, while its stake in the local market reached 60% in 2016.
The company's performance beat the estimates in 2016 as a result for focusing on lowering administrative and operating costs along with increasing the efficiency of production, CEO noted.
Emirates Steel has reduced costs by more than 30% over the last three years, Al Remeithi pinpointed saying that despite low steel prices in global markets, the company's results came better compared to all the manufacturers in various countries.
The demand on the steel in the UAE is estimated by 7 million tonnes, from which 3 million tonnes are being imported, most of the imported are being re-exported, Al Remeithi commented.
Translated by: Sara Ghali
