Emirates Steel Arkan (ESA) recently announced that it has signed a 5-year, $2 billion contract with Bahrain Steel Company (BSC) to supply high-grade iron-ore pellets.
The companies signed the agreement during the Integrated Industrial Partnership for Sustainable Economic Growth initiative, held recently in Bahrain. The new agreement will contribute to strengthening the current cooperation between the two companies, which has seen 16-fold growth since 2009.
BSC will supply Emirates Steel Arkan with guaranteed quantities of high-quality iron-ore pellets, which will enhance the sustainable growth of the iron and steel industry in the region.
Strategic partnership
Engineer Saeed Ghumran Al Rumaithi, CEO of Emirates Steel Arkan Group, said: “Through this strategic partnership with Bahrain Steel, we seek to promote integrated industrial growth, ensure a stable supply chain and enhance our capabilities to manufacture high-quality steel products.”
“Through this strategic partnership, we aim to not only foster integrated industrial growth, ensure a stable supply chain, and enhance the foundations of our steel manufacturing capabilities,” stated engineer Saeed Ghumran Al Remeithi, Group CEO of Emirates Steel Arkan.
UAE’s vision
He added that this initiative falls in line with the UAE’s vision to strengthen partnerships and enhance cooperation with countries in the region. Moreover, it supports the goals of the Integrated Industrial Partnership for Sustainable Economic Development which was launched in 2022. Hence, the partnership aims to achieve integration in resources, capabilities, and experiences of the partnership countries.
Read: Morocco joins Integrated Industrial Partnership for Sustainable Economic Development
Economic development initiatives
For his part, Dilip George, CEO of BSC, stated that the strategic collaboration between BSC and Emirates Steel Arkan reflects a strong shared vision for cooperation and growth for both companies. Hence, BSC will play a vital role in supporting the economic development initiatives under the Integrated Industrial Partnership for Sustainable Economic Growth.
Meeting growing needs
“The 5-year contract underscores our commitment to delivering high-quality iron ore oxide pellets to meet the evolving needs of Emirates Steel Arkan,” he added.
The signing ceremony, which is part of the collaborative initiative including the UAE, Egypt, Jordan, and Bahrain, marked a key milestone in fostering economic ties within the region. It also solidifies a strategic alliance between Emirates Steel Arkan and BSC, further enhancing both companies’ growth prospects over the next five years.
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