Saeed Ghumran Al Rumaithi, CEO of Emsteel Group, explained that the group’s performance is good and appropriate, compared to competitors and steel manufacturers worldwide, noting that the industrial sector is going through many challenges globally, due to the economic conditions and the slowdown in global economies, and the impact on the international shipping sector, which makes investors slow to pump more investments.

Al Rumaithi said in an interview with Al Khaleej: “We have an excellent market at the level of the Gulf region in general and the UAE in particular, which supports our business and achieves good performance, especially since we have excellent liquidity.”

He added: “The construction market is witnessing significant growth, with the launch of more real estate projects, as its size in the country reached 95 billion dirhams in 2023, and is expected to witness a growth of 3% during the period from 2025 to 2028.”

Al Rumaithi pointed out that the market size is still maintaining itself, in terms of demand, but the volume of sales has declined with the decline in steel prices, explaining that this decline is due to prices and not to quantities that have maintained their level.

He stated that the company enjoys strong financial solvency, as it has investments in sustainable steel, which is an essential part of the company’s strategy, noting that the production of steel using green hydrogen promises more new projects and encourages entry into new markets.

He stated that the ES 600 reinforcing steel, which the company manufactures, contributes to saving 18-24% of construction costs, by using smaller quantities of steel, and with high quality that is capable of withstanding and enjoying high durability, pointing out that the company has products that can be reused again in business, without the need to recycle them.