ABU DHABI – Emirates Steel Alkane has signed a five-year iron ore pellet supply agreement valued at approximately $2 billion with Bahrain Steel Company, a global leader in high-grade iron ore pellets (IOP).
The two companies will work together to support the steel industry in the region, promote sustainable economic growth and demonstrate the potential for cross-border cooperation.
Under the agreement, Bahrain Steel will supply the UAE company with high-grade iron ore oxide pellets on an annual basis, according to a press release.
The move cements the strategic partnership between Emirates Steel Alkane and Bahrain Steel and strengthens the growth prospects for both companies over the next five years.
Saeed Gumran Al Remeiti, Group CEO of Emirates Steel Alkan, said: “Through this strategic partnership, we will foster integrated industrial growth and ensure a stable supply chain. “We aim not only to strengthen our base of steel manufacturing capabilities, but also to strengthen our economic ties.” within GCC. ”
“This initiative is in line with the UAE’s vision of strengthening partnerships and strengthening multilateral cooperation, as well as sustainable economic development launched in 2022 to achieve the integration of the resources, capabilities and experience the UAE possesses. Al-Remeiti continued: “This is consistent with the goals of the Integrated Industrial Partnership for ‘Partnership Countries.’
Dilip George, Group CEO of Bahrain Steel, said: “The historic partnership between Bahrain Steel and Emirates Steel Alkane marks a new era of collaboration and growth for our organizations. means,” he said.
In the first nine months (9M) of 2023, Emirates Steel Alkan generated a net profit of AED 387.59 million (compared to AED 383.15 million in 9M-22).
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