Emirates Steel, the only integrated steel plant in the UAE, and a subsidiary of the General Holding Corporation (SENAAT), has announced an outstanding set of financial results for 2018.
Emirates Steel achieved AED 7.5 billion in revenue in 2018, a y-o-y increase of 15%.
The company has delivered an incredible 44% increase in earnings before interest, tax, depreciation and amortization (EBITDA).
EBITDA in 2018 reached AED 1 billion, as compared to AED 678 million in 2017.
In 2018 Emirates Steel’s export sales to more than 40 countries accounted for 20% of total volumes, with the remaining 80% being consumed within the UAE where the company maintains a 60% share of the rebar market and 69% share of the section market.
It is worth mentioning that the steel market dropped significantly in second half of 2018, nevertheless the company managed to maintain its sales.
Emirates Steel produced 3.1 million tons of finished products in 2018 with exports accounting for 631,000 tons.
During an annual media briefing held today at Emirates Steel’s headquarters, Engineer Saeed Ghumran Al Remeithi, Chief Executive Officer of Emirates Steel said: “Despite the challenges faced by the metals and steel industry globally last year, our results for 2018 were positive.
“I believe this is a testament to the success of our resilient business model and our sustainable growth strategy. With this year on year growth, we are continuing to enhance our position as a world class steel manufacturer adept at delivering the highest quality products, services and comprehensive solutions to our customers.”
21% of Emirates Steel workforce is representative by UAE Nationals, with 70% of the executive management lead by UAE Nationals.
Currently, Emirates Steel employs more than 2,200 personnel across all divisions and facilities, with approximately 500 of the them being UAE Nationals.
In November of 2018, Emirates Steel signed a four-year (2018-2021), high value contract with Vale to supply about six million tonnes/year of iron ore pellets for its steel production.