Russian steel and iron ore producer Metalloinvest plans to invest $320 million in five years to build its second mill in the United Arab Emirates, which will be specialized in the production of direct reduced iron (DRI), Reuters has reported citing Shukhrat Nishanov, general manager of Metalloinvest's UAE-based rebar producing subsidiary Hamriyah Steel.
"We have already booked land in Sharjah next to our existing plant there and we are looking at building a new plant which will need an investment of around $320 million," Mr. Nishanov said, adding that the company will probably be looking for a partner for this project, but for now it is just waiting for the effects of the economic crisis to lessen before it takes action.
For the construction of its first steel mill in the UAE jointly with Dr. Sheikh Sultan Bin Khalifa Bin Zayed Al Nahyan, the ruler and emir of Abu Dhabi, Metalloinvest invested around $160 million. Hamriyah Steel, with a capacity of one million mt of rebar per year, was commissioned in late January this year.