Metalloinvest to build rebar plant in UAE

The Russian steel group Metalloinvest Holding has announced that it is to create a joint venture with partners from the United Arab Emirates' (UAE), for the construction of a new rebar plant in the country which is to be named Hamriyah Steel. The new plant is to be located in the UAE's Hamriyah free economic zone and will produce about one million mts of rebar a year. Billets necessary for the production of rebar will be supplied to the new plant from Metalloinvest subsidiary Ural Steel. The construction of the new plant will take about two years and cost Metalloinvest approximately (according to preliminary estimations) $156 million. Metalloinvest has chosen the UAE as the location for the new rebar plant, because of its favorable investment climate and due to the high demand for rebar in the Middle East region.