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DMCC Steel Club Established to Foster Business Opportunities

The DMCC Steel Club, which was launched at a gathering of steel and financial industry professionals, also highlighted the role of financial tools as being crucial for the industry to better manage price risk, and thereby improve the risk-reward evaluation to steel’s lenders and investors.

Based on the three pillars of networking, education and industry recognition, the DMCC Steel Club aims to engage the key stakeholders of the steel industry, including manufacturers, suppliers, end buyers, shippers, financiers and brokers.

Through regular networking events like monthly breakfasts, workshops and forums, members can gain insights on industry trends and how to provide competitive advantage in procurement, sales, and the fight for capital.

Educational themes will embrace structured financial solutions relating to every day applications for collateralised finance, and also price risk management tools like steel futures and swaps.

Forthcoming initiatives of the DMCC Steel Club could also include a more in-depth Morning Steel Report and DMCC Steel Indices.

“The setting up of DMCC Steel Club is crucial and timely as it seeks to support industry players in sustaining the momentum of their business growth and realise pricing benefits,” said Ahmed bin Sulayem, Executive Chairman of DMCC.

“Along with opportunities to facilitate business, the Steel Club will also undertake educational activities to raise awareness on a range of financial products and risk management aspects for boosting operational efficiency.”

At the launch event, key industry achievements were also recognised through the presentation of the annual DMCC Steel Club Awards 2008.

Tariq Barlas, Vice Chairman & CEO of Saudi-based Al Tuwairqi Group, was named “Man of Steel”. Walid Sherif, Purchasing Manager of the Steel Division of Madar Holding, was the recipient of the “Emerging Talent of the Year” award.

S.R. Rao, Chairman of Middle East Traders, received the “Lifetime Achievement” award while Vinod J. Tellis, Commercial Manager of Petroleum Pipe Middle East, received the “Deal of the Year” award on behalf of his company for an innovative transaction using the Global Multi Commodity Receipt.

Highlighting the role of steel futures and other derivatives as being crucial for the industry to better manage price risk and improved price discovery, John Short, Executive Director for Steel and Base Metals division of the DMCC said, “There has been widespread interest in the relationship between steel futures, steel swaps, and the physical steel market, particularly with regard to the delivery and the price discovery function.”