Wednesday 16 September 2009

Emirates Steel swoops on GCC rival

Emirates Steel Industries has gained control of 45 per cent of the UAE steel market and hopes to grow even bigger through a major GCC acquisition within a month, the company’s chairman said.

An expansion in output by Emirates Steel (ESI) that began in June has cut the country’s imports of steel significantly and left the firm with a larger share of the construction steel market than previously forecast, said Hussain al Nowais.

The state-owned ESI, which is based in Musaffah, aims to become the Gulf’s largest steel company as part of the Government’s efforts to develop heavy industry in the emirate.

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