Qatar Steel’s profit rises in Jan-Sep as higher prices offset lower volumes

Qatar Steel's net profit increased by 43 pct YoY to QAR 493 mln (USD 135 mln) in the first nine months of 2026, supported by higher selling prices and improved margins, according to parent company Industries Qatar's latest financial results.

Revenue declined by 6 pct YoY to QAR 3.468 bln (USD 953 mln), as lower sales volumes more than offset the increase in average selling prices. Revenue increased from the previous quarter, however, supported by higher sales volumes and prices.

Average steel selling prices rose by 46 pct YoY to QAR 690 (USD 190) per ton in the January-September period. Industries Qatar attributed the stronger prices to robust regional demand and construction activity in key markets, alongside continued supply and logistics constraints.

Steel production fell by 13 pct YoY to 3.523 mln tons in the first nine months, compared with 4.033 mln tons a year earlier. The company said higher shutdown days affected output, while production also declined in the third quarter from the previous quarter.

Despite the logistical challenges, the steel segment continued to generate positive margins. Its EBITDA margin stood at 15 pct in the third quarter, compared with 26 pct in the previous quarter, as higher operating costs weighed on profitability.

At the consolidated level, Industries Qatar reported revenue of QAR 6.846 bln (USD 1.88 bln) in the first nine months, down from QAR 11.740 bln a year earlier. The group recorded a net loss of QAR 862 mln (USD 237 mln), compared with a net profit of QAR 3.396 bln in the same period of 2025, reflecting weaker results in its petrochemical and fertilizer businesses. The steel segment was the group's only major operating segment to report a higher profit before tax during the period.

Qatar Steel has annual production capacity of 6.09 mln tons, including 2.3 mln tons of DRI/HBI, 1.85 mln tons of billets and 1.7 mln tons of rebar.

1 USD / 3.64 QAR