“Emirates Steel is committed along with other steel producers to purchase all local scrap according to international prices,” the company said in a statement, adding that it will amount to more than 1 million tonnes of scrap material on annual basis.
The announcement follows a recent decision by the Ministry of Economy to prohibit all concerned and registered facilities in the UAE from exporting iron scrap.
Currently, scrap accounts for 30 per cent of the raw material in the company’s Steel Making Plant One (SMP1). Today, the company aims to increase the usage of scrap as feedstock for other steel making plants, especially with the surge of iron-ore prices.
“Emirates Steel is proud to support local traders around the country in sustaining their businesses,” said Saeed Ghumran Al Remeithi, CEO. “In addition, our synergies enable Emirates Steel to recycle scrap and advance the UAE’s sustainability goals.”