ESI seeks to refinance facility expansion

Emirates Steel Industries (ESI) will approach banks to refinance $1.5 billion to be used for the first and second phase of its plant expansion. Last year, the company announced the completion of its first phase expansion plan that lifted output from 65,000 tonnes per year to two million tonnes. Emirates Steel's output capacity is expected to reach three million tonnes a year by 2011.The company has said it is looking to further boost its annual capacity to 6.5 million tonnes by 2013-2014 through expansion and acquisitions.Air Jordan IV 4 Running Shoes