Posted on 18 Jan 2024
Emirates Steel Arkan (ESA) and Bahrain Steel Company have inked a five-year $2 billion deal for the supply of high-grade iron ore pellet, the companies announced on Wednesday.
The signing ceremony held during the Industrial Partnership for Sustainable Economic Growth initiative in Bahrain, solidifies a strategic partnership between Emirates Steel Arkan and Bahrain Steel, they add.
"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,” ESA chief executive Saeed Al Remeithi says in a note sent to Kallanish.
“The five-year contract underscores our commitment to delivering high-quality iron ore oxide pellets to meet the evolving needs of Emirates Steel Arkan," adds Dilip George, chief executive of Bahrain Steel.
Emirates Steel Arkan, predominantly owned by ADQ, is United Arab Emirates’ largest steel and building materials producer, supplying the local and more than 70 international markets.
Bahrain Steel, a wholly owned subsidiary of Foulath Holding, is a producer and global supplier of high-grade iron ore pellet with an annual production capacity of 13 million tonnes. Operating its own port terminal for raw material shipments, the company exports three quarters of its production.
Source:Kallanish
