UAE's steel industry to grow 25 percent in 2015

Resource from: MENAFN Likes:152

Dec 02,2014

(MENAFN) UAE's Conares said that the steel industry in the country is expanding due to high demands, which is expected to result in an increase by almost 25 percent in 2015, compared with 15 percent growth in 2014, Khaleej Times reported. This increase in steel demand is the result of mega projects like Canal, airport development, theme parks, Etihad Railway, the extension of the RTA Metro, with the company ready to supply these projects after setting up additional facility in Jebel Ali and aim to produce an installed capacity of 1 million tons by June 2015 Conares, which recorded a double-digit growth in the 2014, said it has recorded an 80 percent utilization of its capacity, resulting in the company to register an increase in both profits and sales. The company's facilities, which cover an area of over 1.5 million square feet, resulted in the company to have an estimated worth of USD150 million and helped it being operational in two major segments of the industry, with Conares currently supplying about 350.000 metric tons of steel, about 10 per cent of the total domestic requirement in the UAE, as well as supplying 100.000 metric tons of pipes, which is around 25 per cent of the total market demand in the region. These figures support the recent numbers which show that currently about 60 to 70 percent of the UAE's market demand for steel is addressed by the local manufacturers and the rest are covered by imports.

(MENAFN)

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