Engineer Saeed Ghumran Al Rumaithi, CEO of Emsteel Group, stated that the company had a strong performance in 2024 and increased its sales volume, especially focusing on the domestic market. Stating that they currently meet 60% of the country's iron needs, Al Rumaithi said that 80% of the iron they produce is directed to the domestic market and 20% is directed to exports. He also emphasized that low-cost iron exports from China lowered global prices by 5.5%, which affected profitability.
Speaking at the press conference in Abu Dhabi, Al Rumaithi said that the company's revenues increased in the last quarter of 2024, profitability in the steel sector increased and the construction sector also performed well. Increasing housing and real estate sales, as well as the acceleration of infrastructure projects, kept the demand for iron and construction materials alive. He announced that the company's production capacity reached 92% of its total capacity.
Speaking about future plans, Al Rumaithi said that Emsteel is financially strong and has 400 million dirhams (USD 109 million) in cash reserves and is preparing for new investments. Al Rumaithi said that the decrease in interest rates will have a positive impact on the markets, adding that global iron consumption is expected to increase by 1.2% this year, which will bring dynamism to the sector.
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