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Emirates Steel eying Iraq steel market - CEO

Steel News - Published on Thu, 13 Dec 2018

Image Source: thenational
The National reported that Emirates Steel is eyeing expansion into Iraq following rebuilding efforts as it looks to diversify into newer economies amid a cooling global market for the metal. Mr Saeed Al Remeithi CEO of Emirates Steel said that “We’re always looking at new markets, one of which we are targeting now is Iraq. Also, Syria, Yemen, for rebar, wire rod and sections. Iraq is a big growth market for us, and from the logistics point of view it is very big. We have seen right now Iraq is more stabilised than in the past few years and we have already started on the market.”

Emirates Steel, which is a unit of Abu Dhabi industrial holding company Senaat, is currently in the middle of a refinancing program. The entity’s parent on Sunday listed a USD 300 million sukuk, part of a USD 3 billion program to refinance some of its debt.

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Posted By : Ratan Singh on Thu, 13 Dec 2018
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