President His Highness Sheikh Khalifa bin Zayed Al Nahyan, in his capacity as the Ruler of Emirate of Abu Dhabi, has issued the law amending some provisions of Law No. (5) of year 2004, on the establishment of the General Holding Company.
Under the amendment law, the holding company is wholly owned by the Government of the Emirate of Abu Dhabi, and the nominal shares of the company will also be fully owned by the Government of the Emirate of Abu Dhabi. No share should be sold, mortgaged or disposed or waived except by a decision from the Executive Council.
Emirates Steel today inaugurated the completion of its AED 7 billion (US$ 1.9 billion) Phase 2 expansion programme in an event staged on facility grounds in the Industrial City of Abu Dhabi (ICAD1). The expansion demonstrates the high level of support that General Holding Corporation (GHC), parent company of Emirates Steel, lends to the industrial sector in Abu Dhabi. According to Hussain J. Al Nowais, GHC Chairman, Phase 2 has increased Emirates Steel s total production capacity to 3.5 million metric tons per annum (MTPA).
Emirates Steel is inviting bids for construction work on the third phase of its plant expansion, setting a deadline of December.
The UAE’s largest integrated steel producer said the next phase will comprise a steel melting plant, a hot rolled coil mill and ancillaries that will manufacture products aimed at the downstream industrial market.
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