Abu Dhabi's Emirates Steel Says Grows Mkt Share To 60%; Profit Up

Abu Dhabi's Emirates Steel Says Grows Mkt Share To 60%; Profit Up
Staff Reporters
MetalSource Steel News

DUBAI (Zawya Dow Jones)--Abu Dhabi government-owned Emirates Steel, the United Arab Emirates' largest steel producer, grew its market share about 10% in the first nine months of the year, while earnings for the period--before interest tax and depreciation--more than doubled on boosted output and higher steel prices. In an e-mailed statement, Emirates Steel said Ebitda more than doubled year-on-year in the first nine months, due to increased liquid steel output and higher steel selling prices. The company didn't provide an income statement or earnings figures.
Emirates Steel boosted its market share to about 60% "despite the relatively challenging conditions faced in the domestic market," it said. The company said earlier this year its 2010 market share was just above 50%.
The company plans to have the capacity to produce 4.6 million tons of steel a year, once an expansion program is complete. Emirates Steel in April said it had lifted steelmaking capacity to 2.8 million tons a year. Expansion plans, including the commissioning of Phase 2 in the fourth quarter, are on track, the statement said.