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Arab Steel Summit

Middle East

Total is considering producing hydrogen in Tunisia and exporting it to Europe

French energy giant TotalEnergies SE and Austrian utility Verbund AG are considering producing green hydrogen in Tunisia, before exporting the emission-free fuel via pipeline to Europe. Under a memorandum of understanding signed with the Tunisian government, Verbund and TE H2 – a joint venture owned 80% by Total Energies and 20% by Eren Groupe SA …

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“SABIC”: Obtaining final approvals to transfer ownership of “Hadeed” to the “Investment Fund”

The Saudi Basic Industries Corporation (SABIC) announced that it has obtained all final approvals from the competent authorities, that all conditions have been met, and that ownership of the Saudi Iron and Steel Company (Hadeed) has been completely transferred to the Public Investment Fund. The company said in a statement to Tadawul Saudi Arabia, today, …

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Rebar prices fell in the UAE

Market insiders in the United Arab Emirates reported that rebar prices for Emirates Arkan Steel reached 2,370 dirhams ($645) per ton CFR. This comes after Emirates Steel Company amended its pricing policy, moving from the unified market price to different prices based on individual customer agreements. Regular customers reportedly get additional discounts on orders exceeding …

Rebar prices fell in the UAE Read More »

Emirates Steel Arkan reports AED 2.14 billion revenue in Q1 2024

Emirates Steel Arkan announced its financial results for the Q1 2024, with revenues of AED 2.14 billion and EBITDA of AED 294 million. The Group’s positive performance in the first three months of the year demonstrates its resilience and efficiency amidst challenging market conditions. During the quarter, the Group’s performance was supported by a strong …

Emirates Steel Arkan reports AED 2.14 billion revenue in Q1 2024 Read More »

Signing an agreement to implement the Emirati-Omani railway network project

Etihad Rail has concluded a partnership agreement with Oman Rail and Mubadala, to implement the Omani-UAE railway network project. The agreement was signed during the visit of Sultan Haitham bin Tariq, Sultan of Oman, to the UAE, where agreements were signed to award contracts for civil and construction works, award systems and integration contracts for …

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Saudi Arabia: The Foreign Trade Authority announces the start of an anti-dumping investigation against imports of steel or stainless steel pipes

The General Authority for Foreign Trade announced the start of an anti-dumping investigation against the Kingdom’s imports of a steel or stainless steel pipe product with longitudinally welded circular sections originating from or exported from the People’s Republic of China and Taiwan. The Authority said in a statement that the decision to begin the investigation …

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Emirates Steel Arkan keeps rebar prices stable despite market challenges

Emirates Arkan Company announced that it will keep unchanged the prices of rebar for May production (10-40 mm) at 2,744 dirhams ($747) per ton CPT Abu Dhabi and 2,752 dirhams ($749) per ton CPT Dubai, Sharjah and the Northern Emirates. The above prices do not include 5% VAT. The factory’s decision to keep prices unchanged …

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Saudi Iron and Steel Company announces rebar prices for May without change

Saudi Iron and Steel Company (Hadeed) has announced that it will maintain current prices for rebar and wire rod for its May output, marking the third consecutive month of price stability. The price of rebar (12-32 mm) will remain at 2,350 riyals ($626) per ton. While wire coils (6.5-16 mm) will continue to be offered …

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Al Yamama Steel announces the start of commercial production for the first phase of the expansion of the Jeddah Pipe Factory

Al Yamamah Steel Industries Company announced the start of commercial operation of the first phase of the expansion of the Jeddah Pipe Factory during the current month of April. In a statement today on Tadawul, the company expected that the financial impact of the expansion of the Jeddah Pipe Factory would be reflected on the …

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Emirates Steel Arkan Recognized as “2024 Steel Sustainability Champion”

Emirates Steel Arkan (ESA), one of the largest publicly traded steel and building materials manufacturers in the region, announces its recognition as a 2024 Steel Sustainability Champion by the World Steel Association (worldsteel). This prestigious accolade, now in its seventh year, celebrates companies showcasing exemplary commitment to sustainable development within the global steel industry. Emirates …

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The Chinese “Xin Feng” is establishing a factory for iron products in Egypt for $300 million

The General Authority for the Suez Canal Economic Zone in Egypt signed a contract granting a usufruct right for a land with an area of 750,000 square metres, to the Chinese company “WU’AN Million dollars. The authority said in an issued statement that the project provides 1,200 job opportunities, aims to export 70% of its …

The Chinese “Xin Feng” is establishing a factory for iron products in Egypt for $300 million Read More »

Arab Iron and Steel Union holds the second technical committee meeting in the Kingdom of Saudi Arabia

The Arab Iron and Steel Union held the second meeting of the Technical Committee on April 21-22, 2024 in Jeddah, Kingdom of Saudi Arabia, at the Shangri-La Hotel – Jeddah. At the invitation of the Saudi Iron and Steel Company – Hadeed. During this meeting, the technical data collected from Arab steel companies was studied …

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Al Jazeera Steel’s profits increased to 1.82 million riyals by the end of َQ1of 2024

The profits of Al-Jazeera Steel Company, which operates in the iron pipe industry, rose to 1.82 million Omani riyals (15 baisa/share) at the end of the first quarter of 2024, compared to profits of 1.49 million riyals achieved in the same period in 2023, as the following table shows: income list Period First Quarter 2023 …

Al Jazeera Steel’s profits increased to 1.82 million riyals by the end of َQ1of 2024 Read More »

Arab Iron and Steel Union holds the second technical committee meeting in Saudi Arabia

The Arab Iron and Steel Union is scheduled to hold the second meeting of the Union’s Technical Committee on April 21-22, 2024 in Jeddah, Saudi Arabia, at the Shangri-La Hotel – Jeddah. At the invitation of the Saudi Iron and Steel Company – Hadeed. During this meeting, it is scheduled to study the technical data …

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Competition Authority approves the completion of the economic concentration between the two companies, Hadeed and Al Rajhi Steel

The Board of Directors of the General Authority for Competition approved the completion of the economic concentration process between the Saudi Iron and Steel Company – Hadeed and Al Rajhi Steel Industries Company – Al Rajhi Steel. The authority explained in its account on the X platform. The approval was made after the Council reviewed …

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Emirates Green Metal establishes an steel recycling facility with investments of $100 million

Khalifa Economic Zones Abu Dhabi – Kizad Group and Green Metal Industries, based in the UAE, announced the signing of an agreement to develop a new facility for recycling scrap steel and manufacturing special steel products in Kizad. The factory will be developed with investments amounting to $100 million, and will rely on advanced technologies …

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Riyadh Steel’s profits increased to 11.1 million riyals by the end of 2023

The profits of the Riyadh Steel Company, which is active in the steel industry and the sale of scrap, rose to 11.1 million riyals by the end of 2023, compared to 5.1 million riyals achieved during the same period in 2022. Summary of financial results (million) Item 2022 2023 Change Revenues 156.10 134.20 (14.0 %) Total income 16.31 …

Riyadh Steel’s profits increased to 11.1 million riyals by the end of 2023 Read More »

An agreement between Emirates Steel Arkan and SAP to enhance efficiency and sustainability

Emirates Steel, Arkan, signed an agreement with the global technology giant, SAP, with the aim of bringing together its operations in a unified cloud solution for enterprise resource planning, and increasing the flexibility and sustainability of its supply chain. Emirates Steel Arkan will adopt the “Rise with SAP” solution with the aim of transferring its …

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Fitch confirms Kuwait’s rating at “AA-” with a stable outlook

Fitch Ratings maintained the credit rating of Kuwait’s long-term foreign currency bonds at “AA-” with a stable outlook. Fitch Ratings said in its report that Kuwait’s rating is supported by its “exceptionally strong” financial and external balance sheet. On the other hand, the agency pointed out the limitations surrounding the classification, which are summarized in …

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Watani Steel’s profits decreased to 4.2 million riyals (-91%) by the end of 2023

The profits of Watani Steel, which works in the production and manufacture of iron blocks and rebar, decreased to 4.2 million riyals by the end of 2023, by 91%, compared to the profits of 49.6 million riyals that the company had achieved last year. The company said that the reason for the decrease in profits …

Watani Steel’s profits decreased to 4.2 million riyals (-91%) by the end of 2023 Read More »