Engineer Saeed Ghumran Al Rumaithi, CEO of Emsteel Group, stated that the group achieved good performance in 2024, noting the group’s focus on the local market to increase its sales volume in particular, with the launch of new projects, and the group’s success in outperforming many competitors, and achieving growth in its business.

Al Rumaithi pointed out, during a media briefing by the group at its headquarters in Abu Dhabi, that the increase in the volume of Chinese iron exports, at lower prices, has affected global markets and caused iron prices to decline by 5.5%, which affected the group’s profits.

He stressed that the group’s performance in the last quarter of last year was excellent, with revenue growth, an increase in steel sector profits, and the construction sector achieving good performance, with continuous demand for iron and building materials supported by the growth of the construction and building sector in the country and an increase in sales of residential and real estate units in the country.

Al Rumaithi said: “The group is currently focusing on the local market, as the group covers 60% of the local market’s iron needs, knowing that the group was able to sell 80% of its iron products in the local market and 20% for external exports.”

He explained that the production capacity of the iron factory amounts to 92% of the total capacity of the factory.

He added: “We are preparing for new investments, and we have good financial solvency with cash liquidity estimated at 400 million dirhams, while short-term debts are operating obligations, and our priority is for the company’s financial solvency to be strong and in line with current conditions, and if opportunities are available, we will work to seize them.”
He concluded by saying: “We are optimistic about 2025, and that reducing interest rates will positively impact the markets and contribute to their recovery, and the World Iron Organization expects global iron consumption to increase this year by 1.2%.”