UAE-based steel producer Conares has announced that it has started the installation of its 12 inch pipe mill at its Jafza facility in Jebel Ali Free Zone as part of expanding its annual production capacity to 1 million mt of steel.
The expanded facility is expected to become operational in the last quarter of the current year. With the expansion, the company’s revenues are likely to exceed the AED 2 billion ($544 million) mark.
“We are also planning other investments for the company. We foresee a good demand for our products for the ongoing projects in the UAE, especially the projects related to infrastructure development to host the World Expo 2020 in Dubai and the FIFA World Cup 2022 in Qatar,” said Bharat Bhatia, CEO of Conares.
Conares currently supplies 20 percent of total rebar demand and 25 percent of total steel pipe demand in the UAE.