Emirates Steel Industries (ESI) will build a number of billion-dollar plants and acquire Gulf rivals in a bid to become the region’s biggest steel company within five years, executives said yesterday.
But the company will first need to address the refinancing of a US$500 million (Dh1.83bn) bridging loan that falls due next summer, officials said. They were speaking at the inauguration of ESI’s integrated steel operation in Musaffah, which was led by Sheikh Mohammed bin Zayed, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
ESI now has capacity to produce 2 million tonnes of steel a year, which will grow to 6.5 million tonnes by late 2013 or early 2014, said Hussain al Nowais, the company chairman. “We will continue to grow by expanding capacity and by acquisition,” Mr al Nowais said.
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