Bahrain-based leading producer and global supplier of high-grade iron-ore pellets Bahrain Steel has stated that it has successfully reached a record production of 12 million tons of iron-ore pellets in 2021.
Bahrain Steel, a subsidiary of Foulath Holding (Foulath), is better positioned to meet growing customer demand and support global post-pandemic economic recovery.
According to the statement, the increased output allows the company to assist in the transition to carbon neutrality, which is reliant on a considerable rise in the use of pellets for more efficient, clean, and sustainable steel production around the world.
This important milestone also aligns with the Kingdom of Bahrain’s Economic Vision 2030, Economic Recovery Plan, and the Industrial Sector Strategy (2022-26), which call for an increase in the industrial sector’s contribution to gross domestic product (GDP).
As per the statement, “Bahrain Steel is already contributing more than 4 percent of GDP and 25 percent to the country’s non-oil exports as well as employing 260 Bahraini nationals.”
“We’re delighted with this milestone, despite the very challenging conditions of last 24 months as a result of the pandemic. We view Foulath and Bahrain Steel as pillars to the development of the region’s steel industry. As the only GCC-owned pellet producer and a reliable supplier to all regional steel manufacturers, Bahrain Steel’s ability to meet the increasing demand for pellets in greener steel production is inextricably linked with sustainable economic growth, both in the region and around the world. We look forward to continuing to support our customers and to enhancing capacity in line with the requirements of the customers we serve.”
Mr. Dilip George, Group CEO of Foulath and Bahrain Steel noted that, “We successfully implemented a strategic shift since 2019 focused on customer centricity as a core value and driver of growth. We have transformed our business model and raised our production by delivering the quality and quantity of pellets demanded by our customers, rather than only trying to sell what we could produce each year. With this change in strategy and the strong partnership with Anglo American, we were able to increase production by an impressive 50 percent compared to 2019, strengthening our position as a leading global supplier of high-quality DR pellets.”
“I’d like to take this opportunity to acknowledge the unwavering support of our loyal customers, the dedication of our staff and valued partners, the confidence of our shareholders, and the conducive business environment offered by the Kingdom of Bahrain, which have all been the building blocks of our success and which will continue to guide our journey,” Mr. George added.