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Emirates Steel eyes Expansion into Iraq
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Emirates Steel eyes Expansion into Iraq
http://www.iraq-businessnews.com/2018/12/12/emirates-steel-eyes-expansion-into-iraq/
Emirates Steel eyes Expansion into Iraq
12th December 2018 in Construction & Engineering In Iraq, Iraq Industry & Trade News
Emirates Steel eyes Expansion into Iraq
12th December 2018 in Construction & Engineering In Iraq, Iraq Industry & Trade News
By John Lee.
Abu Dhabi-based Emirates Steel is reportedly considering expansion into Iraq.
Chief Executive Saeed Al Remeithi told The National:
“We’re always looking at new markets, one of which we are targeting now is Iraq …
“Iraq is a big growth market for us, and from the logistics point of view it is very big. We have seen right now Iraq is more stabilised than in the past few years and we have already started on the market.”
The company, which is part of Senaat, is currently in the middle of a refinancing programme.
More here.
(Source: The National)
claud39- Elite Member
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Emirates Steel sees expansion into Iraq amid tense metals market
https://www.thenational.ae/business/economy/emirates-steel-sees-expansion-into-iraq-amid-tense-metals-market-1.801659
[size=44]Emirates Steel sees expansion into Iraq amid tense metals market[/size]
The Abu Dhabi-based producer is currently in the middle of a refinancing programme
December 11, 2018
There had been no direct impact on UAE steel due to US tariffs, but the global market is facing headwinds, said Mr Al Remeithi. Leslie Pableo for The National
Emirates Steel, one of the UAE’s largest non-oil companies, is eyeing expansion into Iraq following rebuilding efforts as it looks to diversify into newer economies amid a cooling global market for the metal.
"We’re always looking at new markets, one of which we are targeting now is Iraq. [Also], Syria, Yemen, for rebar, wire rod and sections," said Emirates Steel chief executive Saeed Al Remeithi. "Iraq is a big growth market for us, and from the logistics point of view it is very big. We have seen right now Iraq is more stabilised than in the past few years and we have already started on the market.”
Emirates Steel, which is a unit of Abu Dhabi industrial holding company Senaat, is currently in the middle of a refinancing programme. The entity’s parent on Sunday listed a $300 million sukuk, part of a $3 billion programme to refinance some of its debt.
Mr Al Remeithi declined to comment on the company’s refinancing programme, noting that an announcement was due very soon on its plans to raise more debt.
He also said there was “nothing concrete yet” on the UAE’s plans to procure waivers against the imposition of a 25 per cent tariff on steel by the US administration. President Donald Trump also added a 10 per cent levy on imported iron as he sought to crush what he saw as “dumping of steel” from manufacturers in China. Imposition of tariffs against metals, including $267 billion (Dh980.7bn) worth of Chinese goods and doubling of levies on Turkey's steel and aluminium exports, has led to a global slump in the base metals market.
“The [impact] is global and I don’t think we’re immune from it, but we have 40 markets where we sell our products, and we have already obtained certifications for those markets and we’re operating there and we have an advantage over so many steel producers in the region,” said Mr Al Remeithi.
He dismissed concerns of a direct impact on sales, noting that the US, which accounts for 5 per cent of Emirates Steel’s exports, has not suffered from any shrinking of market share.
[size=44]Emirates Steel sees expansion into Iraq amid tense metals market[/size]
The Abu Dhabi-based producer is currently in the middle of a refinancing programme
December 11, 2018
There had been no direct impact on UAE steel due to US tariffs, but the global market is facing headwinds, said Mr Al Remeithi. Leslie Pableo for The National
Emirates Steel, one of the UAE’s largest non-oil companies, is eyeing expansion into Iraq following rebuilding efforts as it looks to diversify into newer economies amid a cooling global market for the metal.
"We’re always looking at new markets, one of which we are targeting now is Iraq. [Also], Syria, Yemen, for rebar, wire rod and sections," said Emirates Steel chief executive Saeed Al Remeithi. "Iraq is a big growth market for us, and from the logistics point of view it is very big. We have seen right now Iraq is more stabilised than in the past few years and we have already started on the market.”
Emirates Steel, which is a unit of Abu Dhabi industrial holding company Senaat, is currently in the middle of a refinancing programme. The entity’s parent on Sunday listed a $300 million sukuk, part of a $3 billion programme to refinance some of its debt.
Mr Al Remeithi declined to comment on the company’s refinancing programme, noting that an announcement was due very soon on its plans to raise more debt.
He also said there was “nothing concrete yet” on the UAE’s plans to procure waivers against the imposition of a 25 per cent tariff on steel by the US administration. President Donald Trump also added a 10 per cent levy on imported iron as he sought to crush what he saw as “dumping of steel” from manufacturers in China. Imposition of tariffs against metals, including $267 billion (Dh980.7bn) worth of Chinese goods and doubling of levies on Turkey's steel and aluminium exports, has led to a global slump in the base metals market.
“The [impact] is global and I don’t think we’re immune from it, but we have 40 markets where we sell our products, and we have already obtained certifications for those markets and we’re operating there and we have an advantage over so many steel producers in the region,” said Mr Al Remeithi.
He dismissed concerns of a direct impact on sales, noting that the US, which accounts for 5 per cent of Emirates Steel’s exports, has not suffered from any shrinking of market share.
claud39- Elite Member
- Posts : 18423
Join date : 2018-11-04
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