Engineer Saeed Ghumran Al Rumaithi, CEO of Emsteel Group, announced that the group performed well in 2024, focusing on the local market to increase sales with new projects and surpassing many competitors. During a media briefing at the group's headquarters in Abu Dhabi, Al Rumaithi highlighted that the increase in Chinese iron exports at lower prices impacted global markets, causing iron prices to decline by 5.5%, which affected the group's profits.
Despite this, the group's performance in the last quarter was excellent, with revenue growth, increased steel sector profits, and strong performance in the construction sector. Continuous demand for iron and building materials, driven by the growth of the construction and real estate sectors, supported the group's success.
Al Rumaithi noted that Emsteel Group currently covers 60% of the local market's iron needs, selling 80% of its iron products locally and 20% for external exports. The group's iron factory operates at 92% of its total capacity. He also mentioned that Emsteel is preparing for new investments, with a cash liquidity of 400 million dirhams, prioritizing strong financial solvency.
Looking ahead, Al Rumaithi expressed optimism for 2025, expecting that reducing interest rates will positively impact the markets and contribute to their recovery. The World Iron Organization predicts a 1.2% increase in global iron consumption this year.
