Business | General
Emirates Steel says sales and output up
State-owned Emirates Steel Industries boosted steel output and sales in the third quarter from the second quarter, a top executive said on Tuesday.
- Reuters
- Published: 22:49 September 29, 2009
Dubai : State-owned Emirates Steel Industries boosted steel output and sales in the third quarter from the second quarter, a top executive said on Tuesday.
Global steel demand has slumped by more than a tenth in the past year, but Emirates Steel has pushed on with expansion plans as it looks to displace steel imports into the UAE.
"Sales figures for the third quarter are for sure higher than the second quarter," Ahmad Al Dhaheri, assistant vice president for projects, told reporters at an industry event.
"During the second quarter we ramped up the mills so we are running at full capacity of 1.8 million tonnes per year," he said.
The firm was eyeing two acquisition targets in the Gulf region, Chief Executive Gregor Munstermann said. The company said earlier this month it had signed a memorandum of understanding to acquire 100 per cent of a regional steel firm, but it has yet to name the company.
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