Emirates Iron & Steel Factory plans to make an investment
The government owned Emirates Iron and Steel Factory (EISF) is planning to make an investment in order to meet the growing demand for rolled steel in the United Arab Emirates (
UAE) and Gulf Cooperation Council (GCC). The investment will cost Dirham 2.5 billion (approx. $669 million).
Annual capacity of all types of steel will be increased to 800'000 tons from 500'000 tons by the new investment.
EISF produces 350'000 tons of rolled steel out of the total 400'000 tons of locally produced steel. The local demand of 25% is met by the local
production and the balance 75% is met through imports.
Local demand for rolled steel in 1999 recorded as 1.32 million tons. In 2000, demand decreased to 1.28 million tons however increased to 1.35 million tons in 2001 and 1.44 million tons last year.
Rolled steel imports value raised regularly from 1999 to 2002. In 2002, rolled steel imports amounted to Dirham 1.3 million while Dirham 1.1 million worth in 2001.
UAE rolled steel exports decreased from Dirham 55 million to Dirham 47 million in 2002 due to huge increase in local demand.