Dubai: His Highness Shaikh Saud Bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah Monday inaugurated the $70 million (Dh257 million) steel pipe manufacturing facility of SeAH Steel UAE at the Al Ghail Industrial Park.
SeAH Steel UAE, a joint venture between SeAH Steel Corporation, a leading steel pipe manufacturer from South Korea, and Ras Al Khaimah Investment Authority (Rakia), has the capacity to manufacture 150,000 tonnes of high quality steel pipes annually.
The factory has a three-roll bending and JCO type mill line that will produce steel pipes for the oil and natural gas industry as well as for the construction sector.
The inauguration was attended by Shaikh Mohammad Bin Saud Bin Saqr Al Qasimi, Crown Prince of Ras Al Khaimah, Kwon Tae-kyun, South Korea's Ambassador to the UAE, Woon Hyung-lee, Chairman and CEO of SeAH Steel Corporation, and other senior company officials.
Shaikh Saud said that the inauguration of the new plant was a testimony to the transformation of the UAE as a destination of choice for leading international companies for setting up new industries and businesses.
"It is a great moment for us to welcome this prestigious Korean company to the growing industrial sector of Ras Al Khaimah. The opening of the new facility also marks yet another milestone in the great partnership between the UAE and Korea," he said.
SeAH Steel Corporation has emerged as the industry leader with a total capacity of 20 million tonnes in 2010.
The company currently manages ten overseas affiliates and has representative offices in the US, Japan, China and Vietnam.
Howard Lee, President and CEO of SeAH Steel Corporation, said: "The excellent geographical location of the UAE and the huge pipe demand in the country were the dominant factors that led to our decision to set up SeAH Steel UAE."
He added that the new petrochemical plants to be set up in the country as well as the large-scale infrastructure investments in the UAE and the region would create robust demand for high grade steel line pipes from the RAK plant.
