Saeed Ghumran Al Rumaithi, CEO of Emirates Steel Group Arkan, has highlighted the UAE's notable surge in iron demand, standing out amidst global conditions. Additionally, he stressed the company's commitment to maintaining stable iron prices within the local market.
The demand for value-added iron products, particularly S600 steel and pivot plates, especially evident during the final quarter of 2023. Notably, this period saw local sales of 450 thousand tons of iron, marking a 14% increase in the company's iron sales compared to 2022.
Furthermore, he disclosed that the company holds a substantial share in the local market, ranging between 60 and 65%. Al-Rumaithi also highlighted the exceptional performance of the building materials unit, which recorded a remarkable 116% increase in profits in 2023 compared to the previous year.
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