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Bright future for innovative companies in GCC steel industry - Experts

Steel News - Published on Thu, 13 Dec 2018

Image Source: Arabian Industry
WAM reported that Dr Matar Al Neyadi, Under-Secretary of the Ministry of Energy and Industry in the government of the UAE, opened the three-day 22nd Middle East Iron and Steel Conference in Dubai by discussing ongoing regional and international trends, and how the iron and steel sectors of the GCC could work toward mitigating risks inherent in a turbulent international market and seize new opportunities available to them. Addressing the conference, Dr Al Neyadi spoke of the changes which the industry has recently faced, including new and growing trade protocols or increased requirements regarding environmental sustainability. In addition, he spoke about the opportunities presented by digitalisation, innovation and the use of new technologies in steel production, while remarking that the steel industry in 2016 invested 13 per cent of its revenue in capital investment projects and process improvements, including advanced technologies. He said “We endorse the industry opinion which predicts a stable and resilient outlook for the global and regional steel industry in 2019. We believe that the steel industry has a bright future to companies that put innovation, bold visions and sustainability at the heart of their business strategy. We will continue to support a continued dialogue between governments and steel manufacturers to ensure a healthy industry and fair competition,” he said in conclusion.

Speaking next, CEO of Emirates Steel, Saeed Ghumran Al Remeithi, referred to the supposed pressures being placed on the national steel industry by increased protectionist policies being undertaken by national players across the globe. Whilst he recognised the issue, he remained confident about the growth of the UAE’s steel sector, and Emirates Steel’s performance as a producer. Al Remeithi also spoke about the regional demand for steel, and the effect that a slowdown in Chinese steel production has had on the GCC heavy industry sectors. He complemented such comments by noting that the market is now looking for value-added products, and referenced Emirates Steel’s certification by the American Society of Mechanical Engineers to produce nuclear grade steel as an example of how regional manufacturers can ensure their products are able to complete in turbulent international economic markets.

In conclusion, Al Remeithi outlined Emirates Steel’s priorities for 2019, stating that whilst the international market situation was increasingly turbulent, the company would continue to focus on ensuring that its manufacturing capacity is at full efficiency, to explore new markets, and expand Emirates Steel’s already diverse range of products.

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Posted By : Ratan Singh on Thu, 13 Dec 2018
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