The financial statements of the Misr National Steel Company – Ataka, in the first half of 2022, showed a decline in the company’s profits by 7.7% on an annual basis, with the increase in sales costs. In a statement to the Egyptian Stock Exchange, the company stated that it achieved profits of EGY 86.75 million …
Misr National Steel Company profits fell 8% in H1 2022 Read More »
The Board of Directors of the Iron and Steel Company for Mines and Quarries announced that the company achieved EGY 40.54 million in profits after taxes during the fiscal year ending in June 2022. The company stated in a statement to the Egyptian Stock Exchange today, that the company achieved EGY 121.21 million in sales …
Egypt: EGY 40.5 million , Iron and Steel Company for Mines profits in 2021-2022 Read More »
Eng. Saeed Al Rumaithi, CEO of Emirates Steel, Arkan, praised the positive results achieved by the group in the first half of this year, explaining that the group is the largest listed joint stock company in the construction sector in the country. Al-Rumaithi said in an interview with «Al-Khaleej» that the company succeeded in opening …
Chairman of Emirates Steel, Arkan, we succeeded in opening new markets Read More »
SABIC today reported its earnings for the second quarter of 2022. The company’s revenue for the second quarter reached SAR 55.98 ($ 14.93 billion), representing an increase of 6% compared to the previous quarter and a 32% increase year-on-year. Net income during the second quarter totaled SAR 7.93 billion [$ 2.11 billion]. This is higher …
SABIC announces profits of SAR 7.93 billion in Q2 of 2022 Read More »
Emirates Steel Arkan (ADX: EMSTEEL) (the “Group”), the largest publicly traded steel and building materials company in the UAE, today announced its second quarter results. The Group reported a net profit of AED 207 million in the second quarter compared to a pre- merger loss of AED 24 million in the same period of last …
Emirates Steel Arkan announces profits of AED 207 million in Q2 202 Read More »
The Board of Directors of the Iron and Steel Company for Mines and Quarries approved the planning budget for the next fiscal year 2022-2023. The company stated in a statement to the Egyptian Stock Exchange, today, Monday, that it aims to achieve a net profit of EGP 91.82 million during the next fiscal year. It …
Egypt: EGP 15.1 million sales of “Iron and Steel for Mines” in June Read More »
The Algerian Minister of Energy and Mines, Mohamed Arkab, authorized, on July 30, the start of exploitation of the iron mine in Ghar Djebilet, Tindouf. The Minister began his working and inspection visit in Tindouf, where he inaugurated the Ghar Djebilet iron mine. In a speech, he stressed that, in line with the government’s program …
Gulf economies are expected to grow faster this year than previously thought, thanks to abundant oil production, according to a Reuters poll of economists. The six Gulf Arab states, namely Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain and Oman, are running budget surpluses. The survey expected overall growth in the six Gulf Cooperation Council economies …
Fastest growth of the Gulf economies in a decade .. 6.2% average this year Read More »
The Emirates Steel Arkan Group announced that it has fixed rebar prices for August at 2,516 dirhams per tonne, compared to July, for its authorized distributors in the UAE. This price does not include any discount based on quantities, additional charges for sizes or product grade or any other costs applied to the product price, …
Emirates Steel announces rebar prices for August Read More »
Saudi Iron & Steel Company (SABIC Hadeed) issued official prices for longs, decreasing them by SAR 100/t ($26.7/t). The 12‑14 mm rebar will be available at SAR 2,750/t ($733/t) delivered, while 16‑32 mm rebar at SAR 2,700/t ($720/t) delivered. The new offers will be effective from August 1. The wire rod 6.5 mm and above …
Rebar prices decline in Saudi Arabia with the beginning of August Read More »
United Arab Emirates-based steel producer Union Iron & Steel has announced that it had recently obtained the quality mark license as per KWS GSO ISO 6935-2:2012 Grade B500B-R Standard issued by the Public Authority for Industry in Kuwait. Nadeem Ahmed, commercial director at Union Iron & Steel, stated that the company had received official product …
UAE: Expansions of Union Iron & Steel Company in GCC region Read More »
ALGIERS- A memorandum of understanding was signed in Algiers on Tuesday in Algiers between the Algerian Mines Complex (Manal) and the Turkish company “Ozmert” within the framework of developing and valorising iron mines in the cities of Boukhadra and Ouenza in Tébessa. The President and General Manager of «Manal» Complex, Mr Mohamed Sakhr, and the …
Suez Steel contracted Danieli to upgrade its caster #2 , the target of Suez Steel is to increase the product range through the most flexible caster technology in the world, to satisfy the growing local and international market requests. After the upgrade, the caster –supplied by Danieli in 2011– will be able to produce more …
Suez Steel Company contracts with Danieli to expand capability Read More »
Rebar prices recorded a new decline today in Egypt, as iron prices in the local market decreased by a value ranging between 500-600 pounds per tonne from the costs of last June. Ahmed El-Ziny, Head of the Building Materials Division at the Cairo Chamber of Commerce, indicated that iron prices peaked in April, during which …
The UAE’s Ministry of Economy has announced the extension of the country’s ban on exports of ferrous and paper waste. Accordingly, the UAE’s Ministry of Economy issued a directive to suspend the export of raw materials, in particular steel scrap (scrap), under the following HS codes 720410, 720421, 720429, 720430, 720441, 720449 and 720450, until …
UAE extends ban on scrap exports until September 30 Read More »
Tosyali Algeria (east of Oran) achieved export revenues of 450 million dollars during the first half of this year. In charge of media, Mrs Hakima Kamel stated that, during the first half of this year, Tosyali Company exported 571,000 tonnes of steel products, an increase of 10 per cent compared to the same period last …
Tosyali Algeria achieves exports worth 450 million dollars in H1 2022 Read More »
The US Department of Commerce (DOC) has announced the final the results of its administrative review of the antidumping (AD) duty order on circular welded carbonquality steel pipe (pipe) from the United Arab Emirates for the period between December 1, 2019, and November 30, 2020. Accordingly, the US DOC has determined that UAE-based companies’ sales …
US issues final AD duty on circular welded pipe from UAE Read More »
Petroleum Products Automatic Pricing Committee decided, in its meeting held after the end of last June, to raise the current prices of all types of gasoline, as well as the cost of diesel for the first time since November 2019 (about three years), until the end of next September. The committee indicated in a statement …
Egypt raises the price of diesel for the first time since November 2019 Read More »
Local factories for rebar production revealed the selling prices of their products in July, with another decrease of 500 pounds on average per tonne, due to the successive decline in billet prices on the global stock exchange, specifically from the Russian market. Note that iron prices recorded a decrease of more than 1,100 pounds per …
Rebar prices decline in Egypt driven by the drop in billet globally Read More »
The Ministry of Public Enterprise Sector revealed the latest development in the Delta Steel factories, affiliated to the Holding Company for Metallurgical Industries, at about $45 million. The project aims to replace the old rebar factory, which produced about 46,000 tonnes, with the new plant, with a total capacity of 500,000 tonnes of billets annually …
Business sector: Production of 500,000 tonnes from Delta Steel plants next year Read More »
Rebar prices in the local market in the UAE recorded a sudden drop in June, touching 2,530 dirhams per ton, down 16.6% compared to prices last May, which were around 2,950 dirhams per ton, according to sources working in the building materials trade. The sources linked this decline to several reasons, including the drop in …
Official data revealed that Kuwait imported base and manufactured metals of about 803 million dinars in 2021, and iron and steel products accounted for 71% of the total, with a value of 568 million dinars.
Egypt’s iron and steel exports rose during the period “January-April” of this year by about 1%, recording 472 million dollars, compared to 468 million dollars during the same period last year. The monthly report issued by the Export Council for Building Materials, Refractories and Metal Industries showed that during the first four months of this …
Egypt’s iron and steel exports rose to $472 million within four months Read More »
According to the General Authority for Statistics, the average price of rebar in the Kingdom of Saudi Arabia decreased in May 2022 to 4278.38 riyals, down by 14 riyals compared to the price of April 2022, which amounted to 4292.81 riyals, and up by 927 riyals compared to May 2021, which amounted to 3351.19 riyals. …
Mukalla Iron and Steel Company Ltd. has resumed restarting the factory with a production capacity of 10,000 tons as a first stage, and production will be raised in the future to 25,000 tons per month. The factory was forced to stop in 2012, due to the lack of raw materials and foreign experts, as well …
Restarting Mukalla Steel Factory, with a production capacity of 10,000 tons per month Read More »
The National Committee for the steel industry in the Federation of Saudi Chambers has joined the Arab Iron and Steel Union, the largest Arab gathering of iron producers in Algeria; this enhances the Kingdom’s place and position in the Arab world in the iron industry. The Chairman of the National Committee for the steel industry …
In the latest report of the World Steel Organization (Worldsteel), Ezz Steel ranked first in the ranking of the largest steel producers in the Arab region and Africa, with a production of 5.1 million tons, ahead of SABIC Steel in Saudi Arabia, which came in second place with a production of 4.8 million tons, while …
Engineer Saeed Ghamran Al Rumaithi, CEO of Arkan Group and CEO of Emirates Steel stated that the industrial sector is at the heart of the UAE vision, which seeks to accelerate the pace of economic diversification in the country. Saeed Ghamran explained that the strong results achieved by Emirates Steel Arkan” during the first quarter …
Emirates Steel provides 65% of the local market needs Read More »
Saudi Arabia Al-Ittefaq Steel Al-Ittefaq Steel – one of the largest and reputed steel manufacturers in GCC. The integrated facility – embraced with State-Of-Art technologies, skilled manpower, continuous innovation/investments and social responsibilities. The largest private sector steel manufacturer in KSA responsible and responsive to the country, communities and environments in which it works. We have production facilities that deliver …
The Mauritanian Minister of Petroleum, Minerals and Energy, Abdelsalam Ould Mohamed Saleh, said that the opportunities for cooperation in the energy and mines field in Algeria and Mauritania would experience a strong impetus. In his speech during the working session that brought him together with the Algerian Minister of Energy and Mines, Mohamed Arkab, and …
Cooperation between Mauritania and Algeria in the field of energy and mining Read More »