Abu Dhabi – Mubasher: Emirates Steel Arkan inked a five-year iron ore pellets supply contract with a global leader in high-grade iron-ore pellets (IOP) Bahrain Steel Company at nearly $2 billion.
The two entities will join forces to back the iron and steel industry within the region, fostering sustainable economic growth and exemplifying the potential of cross-border collaborations.
Under the agreement, Bahrain Steel will supply high-grade iron ore oxide pellets annually to the UAE company, according to a press release.
This move anchors the strategic alliance between Emirates Steel Arkan and Bahrain Steel, enhancing their growth prospects over the next five years.
Saeed Ghumran Al Remeithi, Group CEO at Emirates Steel Arkan, said: "Through this strategic partnership, we aim to not only foster integrated industrial growth, ensure a stable supply chain and enhance the foundations of our steel manufacturing capabilities, but also strengthen economic ties within the GCC.”
“This initiative is in line with the UAE’s vision of bolstering partnerships and enhancing multilateral cooperation, as well as the goals of the Integrated Industrial Partnership for Sustainable Economic Development which was launched in 2022 to achieve integration in resources, capabilities, and experiences owned by the partnership countries,” Al Remeithi continued.
Dilip George, Group CEO at Bahrain Steel, mentioned: "This historic collaboration between Bahrain Steel and Emirates Steel Arkan signifies a new era of cooperation and growth for our organizations."
During the first nine months (9M) of 2023, Emirates Steel Arkan generated AED 387.59 million in net profit, compared to AED 383.15 million in 9M-22.
