Conares Metal Supply on Sunday opened a major steel rebar manufacturing facility in Jebel Ali Free Zone (Jafz) with an investment of $100 million (Dh367 million), said a press statement.
The facility was inaugurated by Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai World, President of the Dubai Civil Aviation Authority, Chairman of Dubai Airports and Chairman and Chief Executive of Emirates Airline and Group.
The plant would complement and add value to the existing manufacturing operations of Conares in Jafza which currently span nearly 1.5 million square feet. The company also confirmed plans to invest further into its operations in the free zone.
Also present at the inauguration were senior officials from Jafza, international trading partners composed of steel mills, global steel traders both local and foreign, the local and international financing community as well as senior management and employees of Conares and its shareholders.
Mathew Ambat, Director, Conares Metal Supply, said: “Production at the new plant is all set and this will raise our annual cumulative installed capacity across all our plants to 700,000 MT per year.
The new plant will have an annual installed capacity of 500,000 MT.
It will produce 8-32 mm rebars with 6-18 metres length range conforming to global standards and will be primarily used in the construction industry.”
Bharat Bhatia, CEO & Managing Director, Conares, said: "The new investment is in line with our confidence and positive outlook on Dubai’s long term prospects. It is also a significant step for Conares in its strategic business growth plan to leverage our strength in the regional market further by offering an enhanced product range to our customers.”
“The reputation of Dubai as a regional trading hub continues to catalys our growth. Coupled with this is the proactive encouragement and support by Jafza.
The logistical edge it provides with port facilities in the proximity is what has made Conares a global player today. Our new investment, despite the uncertainties in the region, is a testimony of the Conares confidence in Dubai and the region as a growth hub.” he added.
Salma Hareb, CEO, Economic Zones World, the parent company of Jafza, said: “Conares has emerged as a significant achiever in its area of operation and as its host, Jafza is happy to share in this achievement.
The new facility will contribute to the overall industrial capabilities of the UAE; and is a vital endorsement of Jafza as well. We remain committed to providing a world-class platform for them to expand their footprint in the region.”
Conares currently manufactures tube and pipe products apart from supplying steel billets, slabs, hot rolled coils, galvanized coils and sheets and a host of other industrial steel products to the UAE, GCC and overseas markets.
Conares is currently operating a tube mill plant at its facility in Jebel Ali Free Zone to manufacture Pipes & Tubes (round, Square & Rectangular) with a rated capacity of 150,000 tons per annum (Existing Size Range 1/2" - 4") and has also contracted to purchase 2 more lines to add to its existing 2 lines.
After the installation of the 2 new lines the rated capacity will go upto 395,000 tons per annum (New Size Range 1/2" - 12"). Conares is also in the process of installing a pipe galvanizing facility to allow the company to galvanize the pipes from 1/2" to 6".
The company has also successfully installed the seam annealing facility that will allow the company to supply pipes conforming to ASTM A 53 Grade B. Conares tube mill facility is ISO certified and the pipes are also UL certified.
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