Emirates Steel Arkan signs five-year, $2 billion contract with Bahrain Steel Company
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Emirates Steel Arkan (ESA) has signed a five-year iron ore pellet (IOP) supply contract with Bahrain Steel Company (BSC).
The contract, valued at approximately $2 billion, was formalized at the Industrial Partnership for Sustainable Economic Growth initiative held recently in Bahrain.
Rooted in 16x growth since 2009, THATBSC’s partnership expands with this new contract, aiming to reach even greater heights in IOP sourcing.
Under this agreement, Bahrain Steel will annually supply high quality iron ore oxide pellets to Emirates Steel Arkan. This partnership is set to have a significant impact on the iron and steel industry within the region, fostering sustainable economic growth and exemplifying the potential of cross-border collaborations.
Saeed Ghumran Al Remeithi, Group CEO of Emirates Steel Arkan, saying,
“Through this strategic partnership, we aim to not only foster integrated industrial growth, ensure a stable supply chain and improve the foundation of our steel manufacturing capabilities, but also strengthen economic ties within the GCC.”
He added that
This initiative aligns with the UAE’s vision of strengthening multilateral partnerships and cooperation, as well as the objectives of the Integrated Industrial Partnership for Sustainable Economic Development, launched in 2022 to achieve the integration of the resources, capabilities and experiences of partner countries”.
Dilip George, CEO of Bahrain Steel Groupexpressed his enthusiasm for the partnership and stated:
“We are honored to play a crucial role in supporting the economic development initiatives outlined in the Industrial Partnership for Sustainable Economic Growth. The five-year contract underlines our commitment to delivering high-quality iron ore oxide pellets for meet the changing needs of Emirates Steel. Arkan.”
The signing ceremony, part of the collaborative initiative between the United Arab Emirates, Egypt, Jordan and Bahrain, marked a key milestone in fostering economic ties within the region. It also cements a strategic alliance between Emirates Steel Arkan and Bahrain Steel, further enhancing the growth prospects of both companies over the next five years.
News source: Emirates News Agency
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