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Emirates Steel Signs Dh1.7 Billion Deal
ABU DHABI — State-run Emirates Steel Industries has signed a deal worth Dh1.74 billion with Italian steelmaker Danieli Corporation to boost its production capacity by 50 per cent to three million metric tonnes annually, the chairman of the Abu Dhabi-based company said.
The project is part of Emirates Steel’s plan to become the biggest steel producer in the Middle East, with an expected annual capacity of 6.5 million metric tonnes by 2015, said Chairman Hussain Al Nowais, speaking at a news conference on Sunday night.
Under the agreement, Danieli will build for Emirates Steel, or ESI, a rolling mill with a capacity of 1 million metric tonnes per year, to be completed by the end of 2011.
“ESI’s focused and fast-paced approach has allowed it to edge ahead of schedule in its expansion plan, bringing it closer to its goal of becoming the largest steel manufacturer in the region,” said Shaikh Hamed bin Zayed Al Nahyan, Chairman of General Holding Corporation, an arm of the Abu Dhabi government that is ESI’s ultimate parent.
Shaikh Hamed, who also is Chairman of the Abu Dhabi Crown Prince’s Court, signed the agreement earlier on Sunday with Danieli President Gianpietro Benedetti.
Al Nowais told reporters that General Holding Company is in the advanced stages of acquiring a steel manufacturing plant in the Middle East. It plans to complete due diligence in a month’s time, but he declined to give details of the acquisition due to what he said was the sensitivity of the negotiations.
ESI has almost tripled its production capacity from 650,000 metric tonnes in 2007 to 2 million metric tonnes today. The expansion it plans with Danieli’s help will enable it for the first time to produce finished steel products such as heavy section beams and columns, channels, angles and sheet piles.
Upon completion of this so-called Phase II of its strategic expansion, ESI will be the only producer of heavy steel sections in the Middle East. ESI now produces mostly reinforcing bars and rolls imported steel billets, Al Nowais said.
“The growing number of infrastructure projects in the GCC will require the steel products, which ESI will be able to supply once the expansion is complete,” he said.
Financing for the project will come from equity, debt and support from Italy’s export credit scheme. ESI tapped debt markets last month for a rollover of $700 million in credits. In spite of tight liquidity conditions, the request was heavily oversubscribed, Al Nowais said.
ESI is a subsidiary of Abu Dhabi Basic Industries Corporation, or ADBIC, which is owned in turn by General Holding Corporation.
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