Qatar Steel continues to yield positive results from its strategy of focusing on the most profitable segments despite market fluctuations. In 2024, the company’s production increased by 6.7% year-on-year and 13.7% quarter-on-quarter, reaching 1.16 million tons. However, due to fluctuations in the global steel market, average sales prices decreased to USD 541 per ton, down from the previous quarter. Although sales volume increased by 5.8% quarter-on-quarter, it experienced an 11.6% decrease year-on-year.
When examining the company’s sales performance by product for 2024, it is noteworthy that DRI/HBI sales increased significantly by 167%, reaching 1,447 thousand tons. In contrast, rebar sales decreased by 8.1%, falling to 1,185 thousand tons, while billet sales dropped by 39.1%, reaching 81 thousand tons. Total sales increased by 38.1% compared to the previous year, amounting to 2,713 thousand tons.
The company’s 2022-2026 Sustainability Roadmap aims to enhance Qatar Steel’s competitive advantage in regional and international markets by addressing environmental and economic sustainability principles in greater depth. The company seeks to promote sustainable growth in the steel industry by increasing investments in areas such as low-carbon steel production and energy efficiency.
In the first quarter of 2024, rebar segment revenue accounted for 69% of total revenue. While prices increased compared to the previous quarter, sales volume saw a slight decline. Billet sales fluctuated depending on market conditions and availability of surplus billets. A large portion of production was used for rebar production. DRI/HBI products accounted for 25% of segment revenue, surpassing production levels from 2023, reaching 384 thousand tons.
Qatar Steel’s success in the production of Direct Reduced Iron (DRI) and Hot Briquetted Iron (HBI) enhances the company’s strength in the global steel market. The commitment to operational excellence and market adaptability supports long-term growth strategies, while the focus on high-margin products also boosts profitability.
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