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U. A. E. |
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U. A. E. |
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Steel News in U. A. E. | |
UAE steel demand up
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Demand for UAE steel rose to 1.442 tonnes last year against 1.348 tonnes in
2001. The rise was attributed to the high demand to meet the growing demand by
the construction sector, which is witnessing a record growth. Demand in 2000 was 1.275 million tonnes against 1.327 million tonnes in 1999. Local production of steel was 400,000 tonnes of which the Abu Dhabi-based Emirates Iron and Steel Industry accounts for 350,000 tonnes. Import last year rose by 12 per cent to reach Dh1.261 billion against Dh1.126 billion in 2001. In an effort to meet the growing demand of the local market, Abu Dhabi's export fell last year by 15 per cent to Dh47 million against Dh55 million in 2001. Shortfall was met through imports. |
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Al-Ghaith Holdings to establish 500 KT DRI mill in UAE
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Midrex Technologies, Inc. (USA) and Al-Ghaith Holdings (UAE) recently announced
the signing of a Memorandum of Understanding to establish the world’s first
Direct Reduction plant to utilize the proprietary Midrex HOTLINK® hot transport
system. HOTLINK is a Reliable, Low Maintenance, Gravity-Based System for Hot
Charging of DRI to EAF’s. Al-Ghaith and Midrex have signed agreements that should result in commissioning of the new UAE steel producer within 24 months. The 500,000 tonne per year MIDREX® Hot Discharge module will provide hot DRI to a new melt shop. Although Essar Steel of India has 3 existing MIDREX® Hot Discharge modules currently delivering hot DRI to the adjacent melt shop, the Al-Ghaith DR plant will be the first to implement all of the benefits of HOTLINK. Continuous production of hot DRI will allow the Al-Ghaith HOTLINK plant to simultaneously produce HBI for export. The mini-integrated steel facility to be constructed by Al-Ghaith and partner will be installed in UAE. With access to a berth of 14 m draft, the facility will be capable of importing iron ore and exporting of HBI and semi-finished steel in the form of billets. The plant implementation will be under the responsibility of Advance Projects Development (Al Ghaith EPC arm) in cooperation with the other partners. Midrex Technologies Inc. will supply a technology package to APD consisting of basic and detailed engineering, proprietary and critical equipment, training and commissioning services. After a DR contracting drought of more than 4 years, the first project to be contracted in the coming wave of new iron making projects will utilize the patented HOTLINK system. The last signed contract for a direct reduction plant was contracted in 1998 between Kobe Steel Limited and ANSDK. |
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DIC reports increased profits
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Dubai Investments Company has reported Dh13.53 million net profit for the first
half this year, up by 27.04 per cent compared to Dh10.65 million for the same
period last year. While the total income of the company increased by 26.8 per cent from Dh15.21 million in the first half last year to Dh19.29 million this year, the company reported Dh3.9 million profit on sale of investment this year. Property income was up from Dh745,000 to Dh2.1 million, while interest income rose marginally from Dh3.3 million to Dh3.6 million in the first half this year. Dividends from group companies were at Dh1.4 million this year against Dh2.07 million during the same period last year. The company's total assets were at Dh962 million at the close of first six months this year. Investments accounted for Dh745.79 million, up by Dh21 million from the beginning of this year. While the company's subscribed capital is Dh1.3 billion, its paid up portion was intact at Dh650 million at the close of the first half this year. Dubai Investment Company holds investments in a number of subsidiaries. Earlier this year the company had announced its intention to float some of its subsidiaries including Emirates Building Systems Company, Dubai Investment Park Development and M'Shaire . Dubai Investments holds 100 per stakes in Dubai Investment Park Development and M'Shaire, while its shareholding in Emirates Building Systems is 51 per cent. Emirates Building Systems is involved in production of pre-engineered steel for the construction industry. M'shaire, primarily an investment company has invested in two subsidiaries holding 60 per cent share in each, namely Emirates Extrusion Factory and Gulf Printing and Publishing. The company also has an investment of 30 per cent in Lite-Tech Factory. |
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