Emirates Steel, a subsidiary of the EMSTEEL Group and one of the UAE’s leading steel producers, reported strong growth in its finished steel segment in 2024, according to its annual report.
While crude steel production remained nearly flat at 3.25 mln tons, the company achieved a 5.2pct YoY increase in finished steel output, reaching 2.83 mln tons.
Sales of finished steel also grew by 5pct, driven by an 8.3pct YoY rise in rebar sales to 1.77 mln tons. Sales of heavy sections and sheet piles increased by 5.6pct YoY to 589,000 tons. However, wire rod and rebar-in-coil sales declined by 5.4pct to 489,000 tons.
With a strategic focus on expanding its finished steel portfolio, the company scaled back raw material and semi-finished sales. DRI sales dropped 37pct YoY to 325,000 tons, while billet sales fell 35pct to 252,000 tons.
Domestic sales accounted for 83pct of total sales in 2024, up from 71pct in 2023, while export sales declined to 17pct, compared to 29pct the previous year.
The company capitalized on rising UAE construction activity in the second half of the year, which boosted rebar demand, improved capacity utilization, and enhanced price realization in its core segment, EMSTEEL said in a statement.
Headquartered in Abu Dhabi, Emirates Steel has an annual crude steel capacity of 3.6 mln tons. Its finished steel production capacities are 2 mln tons for rebar, 1 mln tons for heavy sections, and 0.5 mln tons for wire rod.