Emirates Steel is purchasing local scrap material for use as a feedstock in steel production in a move to support UAE traders.
The company, which is a subsidiary of ADQ, is planning to purchase more than 1 million tonnes of scrap material annually at international prices, it said on Tuesday.
Emirates Steel’s decision follows a recent announcement by the Ministry of Economy to temporarily ban scrap iron exports from the UAE in order to help local steel producers gain easy access to the raw material for their manufacturing operations.
The decision to suspend exports came into effect on May 15 and is valid for four months, according to a notification from the Ministry of Economy. The move came in the wake of the coronavirus pandemic and could be extended further, the ministry said.
“The company is committed to supporting the steel industry value chain and will ensure we stand by the Ministry of Economy decision to prevent the export of scrap materials that are considered prime feedstock in manufacturing steel,” Saeed Ghumran Al Remeithi, chief executive of Emirates Steel, said.
“Moreover, as scrap is turned into an added value product, manufacturers are forced to import it from abroad at high prices because it is an important component in many industries. Currently, the local steel industry needs the entire local scrap business to sustain its operations.”
Currently, scrap accounts for 30 per cent of the raw material in the company’s Steel Making Plant One (SMP1) and Emirates Steel is aiming to increase the usage of scrap as a feedstock in other steel making plants as well.
In 2017, the company commissioned its 3,000 horsepower Steel Scrap Shredding Facility to feed the electric arc furnaces of its steel making plants. The facility plays a key role in recycling steel scrap generated in the UAE, while mitigating waste.
“The UAE steel industry needs protection, especially with challenges it faces, including [a] sharp reduction in steel demand, slowdown in construction activity and restriction on exports", Mr Al Remeithi said.
“The majority of countries in the world are protecting their steel national industry; we need to apply reciprocity on our open market by imposing customs duties on steel imports.”
In 2019, Emirates Steel used 280,000 tonnes of scrap material due to difficulties in sourcing the material from the local market. Currently, the UAE is Asia’s second-largest scrap exporter after Japan, and accounts for 1.6 per cent of the world’s ferrous scrap exports. India, Pakistan and Oman are among the top importers of scrap from the UAE.
The UAE has a scrap reserve of 1.5 million tonnes per annum.
Established in 1998, Emirates Steel has a production capacity of 3.5 million tonnes per annum and exports its products to more than 40 countries worldwide. It supplies 60 per cent of the domestic steel market with finished products including wire rods, rebars, heavy sections and sheet piles.
The company last year said the escalating trade war between the US and China is denting regional and global demand for steel, forcing it to rationalise its cost base to offset the impact of slower sales.
The steel sector is also facing challenges globally following an imposition of a 25 per cent levy by the US administration in 2018 on all imported steel into the country. A legal challenge to the tariffs brought by US steel importers was dismissed by the Supreme Court on Monday.
Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
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Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
Killing of Qassem Suleimani
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1st Test England win by 211 runs at Lord's, London
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3rd Test July 27-31 at The Oval, London
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Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
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Co-founders of the company: Vilhelm Hedberg and Ravi Bhusari
Launch year: In 2016 ekar launched and signed an agreement with Etihad Airways in Abu Dhabi. In January 2017 ekar launched in Dubai in a partnership with the RTA.
Number of employees: Over 50
Financing stage: Series B currently being finalised
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Some 400,000 shrubs and 13,000 trees in the on-site nursery
An additional 450,000 shrubs and 4,000 trees to be delivered in the months leading up to the expo
Ghaf, date palm, acacia arabica, acacia tortilis, vitex or sage, techoma and the salvadora are just some heat tolerant native plants in the nursery
Approximately 340 species of shrubs and trees selected for diverse landscape
The nursery team works exclusively with organic fertilisers and pesticides
All shrubs and trees supplied by Dubai Municipality
Most sourced from farms, nurseries across the country
Plants and trees are re-potted when they arrive at nursery to give them room to grow
Some mature trees are in open areas or planted within the expo site
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Treated sewage effluent supplied by Dubai Municipality is used to meet the majority of the nursery’s irrigation needs
Construction workforce peaked at 40,000 workers
About 65,000 people have signed up to volunteer
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Expo 2020 Dubai to open in October 2020 and run for six months
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The calling app is available to download on Google Play and Apple App Store
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The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
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The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
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One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
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Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
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- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Six pitfalls to avoid when trading company stocks
Following fashion
Investing is cyclical, buying last year's winners often means holding this year's losers.
Losing your balance
You end up with too much exposure to an individual company or sector that has taken your fancy.
Being over active
If you chop and change your portfolio too often, dealing charges will eat up your gains.
Running your losers
Investors hate admitting mistakes and hold onto bad stocks hoping they will come good.
Selling in a panic
If you sell up when the market drops, you have locked yourself out of the recovery.
Timing the market
Even the best investor in the world cannot consistently call market movements.
