Emirates Steel, Danieli ink $474M expansion deal

Emirates Steel Industries has signed a Dh1.74 billion ($474 million) contract with Danieli Corp. for construction of phase II B of the company's overall Dh9 billion ($2.45 billion) expansion plan. Italy-based Danieli will be the contractor for construction of a heavy section rolling mill with a production capacity of 1 million tonnes per year, which will add to Emirates Steel's total capacity by the end of 2011. Phase II B's rolling mill will produce heavy section beams, columns and sheet piles. Emirates Steel currently has output capacity of 2 million tonnes, and is expected to reach 3 million tonnes by 2011. The company has said it is looking to further boost its capacity to 6.5 million tonnes annually by 2013-2014 through capacity expansions and acquisitions.Jordan XII Slide