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Latest Jordanian Steel News
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Jordan Steel Exports up in 2003
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Jordan Steel (JOST) revealed that its exports in 2003 have risen sharply as the
company gained a stronger foothold in the Lebanese and Saudi markets. However
the stock did not react to the news as it dropped 4% to JD3.45 with less than
0.35 million shares traded. |
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Halaiqa stresses Jordanian standards for importing steel
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Deputy Prime Minister and Minister of Industry and Trade Mohammad Halaiqa told
Jordanian contractors on Sunday that the ministry allows them to import steel
provided that it is in compliance with Jordanian standards. The deputy prime minister was speaking during a meeting with members of the Jordan Contractors Association, attended by Minister of Public Works and Housing and Minister of Transport Raed Abu Saud. Halaiqa emphasised that contractors can import steel from any source and in quantities enough to meet their needs provided that the steel is in compliance with the Jordanian standards. He noted that various sources produce tagged steel in accordance with international specifications. Halaiqa warned that local factories which do not abide by the Jordanian standards would be shut down. The deputy premier pointed out that besides the possibility to import, the ministry is currently examining several alternatives to solve the problem of the construction steel and reduce its prices. He said that steel prices were on the rise in regional and international markets in light of high demand. |
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Minister of Trade and Industry asks steel manufacturers to sort out price
problem.
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Deputy Prime Minister and Minister of Industry and Trade Mohammad Halaiqa warned
steel factories against adopting a unified price for iron used in reinforced
concrete for construction purposes describing such a move as a monopoly which
the government can by no means tolerate. Halaiqa said the situation in world markets does not justify the high increase in the prices of iron in the local market. The production cost of iron used in construction differs from one factory to the other, noted the minister stressing that the industrialists should find a solution to the problem within the coming few days. Emphasising that the government does not want to interfere in the trading business to ensure sufficient quantities of steel for the market's needs at reasonable prices, the minister said the law allows the state to get involved should a real problem arises especially when it concerns strategic materials. Halaiqa urged the factories to reach a consensus that would lead to a reduction in the cost of steel. Denying thatgm1 they were monopolising the construction steel, the industrialists said their factories were not coordinating prices which were subject to the forces of demand and supply. They also claimed that the increase of steel prices in the world markets was due mainly to the increases in Russia, China, the Ukraine and Southeast Asia and to the increases in freight charges. |
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Jordan steel reports 11.2% increase in gross income
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Although overall sales were slightly less in 2002, Jordan Steel was able to
raise its gross income by 11.2 per cent and its net income before tax by 44.5
per cent. It posted JD28.6 million in sales last year compared to JD28.8 million in 2001. In 2002, Jordan Steel produced 126,000t of rebar and 134,000t of billets, slightly down compared to the year before. Half the production was sold in the Jordanian market, the balance was exported to neighboring countries, mostly Iraq. Jordan Steel indicated in it’s annual report that it was able to open new markets in Saudi Arabia, Lebanon and other Arab Gulf countries. However, it attributed the jump in profits to higher sales in the local market and good management in executing export contracts. Jordan Steel has entered into a contract with the Euro-Jordanian Action for the Development of Enterprise to recruit experts to study the company's competitiveness for entering the European Union market. Jordan Steel also hopes that it can shortly restart exports to Iraq and the West Bank. |
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