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AED 7.5 billion revenues for Emirates Steel in 2018

Economic News

AED 7.5 billion revenues for Emirates Steel in 2018

 

 

Emirates Steel Company, a subsidiary of General Holding Industries Company, revealed that its total revenue during the year 2018 increased to AED 7.5 billion and recorded an increase of 44% in EBITDA.

 

 

 

She confirmed during a press conference yesterday that she was able to keep her share and increase exports to the United States by a small percentage, despite US tariffs on iron imports during 2018.

 

 

Emirates Steel Chief Engineer Said Ghamran Al Rumaithi said the company’s exports of iron and steel products to the United States were not affected by the United States imposing customs duties on its iron imports of 25% in 2018, confirming that the company was able to maintain With its share and exports to the US market increased slightly, despite these fees.

 

 

In a press conference held yesterday, the company announced its financial results for 2018, that its exports to the United States of the construction sections account for 3% of the total sales, pointing out that the high prices of supply, after fees, helped the company to retain its share, and compensation for the effects of the tax .

Al Rumaithi explained that the company follows the policy of diversifying its export markets so as not to be affected by any procedures or changes that occur in any market. He pointed out that the company exports its products to 40 markets and in the past year has opened new markets for its exports in six countries and plans to export to four markets In South America, after being able to export to Colombia in 2018.

 

 

Al-Rumaithi said that exports accounted for about 20% of the company’s total sales last year, with a total of 631 thousand tons, with the GCC leading the export markets.

 

 

He pointed out that the share of the company’s sales within the country amounted to about 80% of its production volume of 3.1 million tons, with a total of 2.514 million tons.

 

 

Al-Rumaithi revealed that Emirates Steel intends to expand during the next phase and set up an integrated strategic plan to be announced this year, before starting to implement it, stressing that the factories are currently operating at full capacity.

He said that the company achieved positive and very good financial results during 2018, despite the many challenges, in particular the rise in iron ore prices, the increase in the global economic slowdown, and the US-China trade crisis.

Al Rumaithi pointed out that the total value of the company’s revenues during the last year reached AED 7.5 billion compared to AED 6.6 billion in 2017. The company recorded a 44% increase in EBITDA to AED 1 billion With 678 million dirhams in 2017.

 

 

Eng. Said Ghamran Al Rumaithi, CEO of Emirates Steel, said that Emiratis make up about 21% of the total workforce of Emirates Steel and 70% of the executive management team.

He added that the company plans to increase the overall Emiratisation rate to 23% by the end of this year.

He explained that more than 2,200 employees are currently working in the company «Emirates Iron», in all sections and facilities, while the total employees of the company of UAE nationals about 500 employees.

 

 

 

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