Emirates Steel Arkan's CEO, Saeed Ghumran Al Remeithi, stated that the company is exploring & entering new markets in Asia and Africa to increase its global competitiveness.
One of the major non-oil firms in the UAE, Emirates Steel, saw a 50% growth in the number of export destinations over the previous two years as consumer demand for its goods increased in tandem with a larger economic recovery.
Emirates Steel said that the firm, which is a division of Arkan Building Materials, which is listed on the Abu Dhabi Securities Exchange, shipped its goods to 56 nations in 2021 as opposed to 38 in 2019.
The company's plan to diversify its income streams through its marketing channels, increase its agility, and boost the competitiveness of UAE products under the unifying brand identity of Made in the Emirates, according to the statement, includes expanding its export footprint.
Emirates Steel was founded in 1998 and provides wire rods, rebars, heavy sections, and sheet piling to both local and foreign markets.
The UAE, where the firm retains a 60% market share, accounted for the remainder of the Abu Dhabi company's revenues last year, which made up 45% of its overall sales volumes.
The company's annual capacity for producing steel is 3.5 million tonnes.
Saeed Al Remeithi, group chief executive of Arkan and chief executive of Emirates Steel, stated that "expanding our exposure to global markets is a pillar of our robust growth strategy to fulfil the complex and evolving needs of steel customers around the world... in such an ever-changing global supply chain environment."
The incredibly low carbon footprint of Emirates Steel's production facilities is one of the key benefits that allowed it to effectively extend its markets.
In agreement with the country's plan to achieve net zero emissions by 2050, UAE com
panies are taking action to cut emissions. In order to supply green hydrogen for the production of low-carbon steel, Emirates Steel and Abu Dhabi National Energy Company, also known as Taqa, signed a preliminary deal last year.
Emirates Steel was owned by Arkan from Senaat, a subsidiary of ADQ, the holding corporation for Abu Dhabi, last year. In 2021, Arkan announced a tripling of its sales to Dh3.02 billion.
In order to form a future joint venture business to produce iron oxide pellets, the main feedstock required for the manufacturing of steel, Emirates Steel and the mauritanian mining corporation Societe Nationale Industrielle et Miniere initially signed a preliminary agreement earlier this year.
End of August 2022: Emirates Steel Arkan group declares that as it boosts output and effectiveness, it may explore looking into other markets. By the conclusion of the first half of 2022, the firm will have increased the number of its export markets from 56 at the start of the year to 60.