New Projects Boost Demand for Steel Products in UAE
The steady rise in construction, with the announcement of major landmark projects in the UAE, has given way to a boom in the steel industry. The huge growth in the steel industry is a result of several factors, the primary reason being the new developments and announcements of new projects here. UAE financial institutes are very positive to support the steel industry which itself is good sign for the entire industry and future developments. Conares has an annual production capacity of over 750000 t, including 500000 t of rebar, and 250000 t of ERW pipe and 36000 t of galvanized pipes at its Jebel Ali facility in Dubai. UAE-based steel products manufacturer Conares output has increased double-digit in the first quarter of 2014, reaching nearly 100000 t rebars. The company said in a statement that the first quarter volume is almost equivalent to 50 % of the last year’s total tonnage. Total sales of Conares steel products has surged by 25 % sales as of the end of 2013. Profit of the business also registered significant growth of 45 % in 2013, compared to the same period in 2012.