Emirates Steel to purchase local scrap material for its production

  • Date: 24-Jun-2020
  • Source: Emirates Business
  • Sector:Oil & Gas
  • Country:UAE
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Emirates Steel to purchase local scrap material for its production

Emirates Steel to purchase local scrap material for its production - Emirates Business

Admin 15 hours ago Local News, Uncategorized

ABU DHABI / WAM

Emirates Steel on Tuesday announced its continued efforts to support trade and business in the UAE through purchasing local scrap material for use as feed stock in its production process. In a statement Tuesday, Emirates Steel said it is committed along with other steel producers to purchase all local scrap according to international prices. The company also confirmed its willingness to purchase more than 1 million tonnes of scrap material on an 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. The decision seeks to help local production facilities maintain business continuity and also promotes domestic production through ensuring that producers in the country have easy access to raw material supplies locally for their manufacturing operations. As a complex integrated manufacturing plant that employs cutting-edge solutions to tackle traditional industrial challenges, Emirates Steel said it uses direct reduced iron, DRI, and ferrous scrap as the main feedstock for its electric arc furnaces. Currently, scrap accounts for 30 percent