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Dubai-based Conares, the second largest private steel manufacturer in the UAE, announced on Thursday the official inauguration of its 150-million-UAE-dirham ($41 million) colour-coated steel plant in Jebel Ali Free Zone (JAFZA), Dubai.
The 100,000-metric tonnes per annum facility is spread over an area of 100,000 square metres within Conares premises in JAFZA South, according to a press statement issued by the company.
It will produce colour-coated galvanised steel coils (ranging from 0.18 to .9 mm in thickness), strips, and sheets for the UAE and the regional markets, in addition to manufacturing products for exports to international markets.
Sultan Ahmed Bin Sulayem, Group Chairman & CEO, DP World said: “The construction sector has contributed significantly to the UAE’s development and progress – from world-class infrastructure to the iconic buildings we house. Conares is one of the entities driving the success of this industry.”
Bharat Bhatia, Chairman and CEO of Conares said: “With the launch of this new plant, we expect the revenue to increase by 10 to 15 per cent gradually, in comparison to that of the previous year. We are also aiming to increase our dispatch by 5 to 7 per cent this year.”
“We have aligned Conares with the region’s requirement for infrastructure development, in line with ‘We the UAE 2031’ vision launched by H.E. Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai and Vice President of the UAE,” he added.
The Dubai-based company’s installed annual production capacity currently stands at one million tonnes with the output mainly comprising steel pipes, rebars and pre-painted coils.
The company is aiming to increase its total capacity to up to three million tonnes by 2030, according to the statement. With the opening of the new plant, Conares’ total manufacturing capacity now stands at 1.1 million tonnes per annum.
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(Writing by Anoop Menon; Editing by Bhaskar Raj)
