QASCO announces profit increase

QASCO announces profit increase

Integrated steel mill Qatar Steel Company (QASCO) announced a profit of QR 300 million (QR=Qatar Riyal) ($82 million) for this year, with an increase of 100% compared to QR 145 million ($40 million) recorded in 2002. This profit increase is attributed to the reduced production costs, increase in level of efficiency and the average growth rate of the country's national economy. QASCO officials expressed that company will obtain higher profit in 2004 due to increase in production. The company has acquired a steel making plant in Jebel Ali Free Zone with an annual production capacity of 300'000 tons. Moreover, QASCO will expand its direct reduce iron's capacity by 1 million tons annually, at a cost of approximately $300 million.