Emirates Steel to award contract worth USD 817 million

Emirates Steel to award the USD 817 million contracts for the Phase III expansion of its plant.

The company is expanding its steel business by increasing the capacity by 2 million tonnes. The expansion project will will entail an investment of roughly AED 3 billion.

The Phase III will facilitate a steel melting plant, a hot rolled coil mill and ancillaries that will manufacture products aimed at the downstream industrial market. The new facility will commercially produce hot rolled coils anticipated by mid 2014 adding an additional production capacity of 1.6 million tonnes per annum to the plant over all.

The project has already drawn interest from international contractors and is expected to be completed within thirty months.