Conares, the second largest private steel manufacturer in the UAE, has officially inaugurated its color-coated steel plant in Jebel Ali Free Zone (JAFZA).
The state-of-the-art facility was developed at an investment of $40 million (AED 150 million) within the Conares premises in JAFZA South, which spans over an area of 100,000 square meters.
Conares is the only private steel manufacturer in the UAE with four distinct product verticals. Exporting products to 26 countries across six continents, the company’s assets are currently estimated to be valued at $680 million (AED 2.5 billion).
“The construction sector has contributed significantly to the UAE’s development and progress – from world-class infrastructure to the iconic buildings we house. Conares is one of the entities driving the success of this industry. This new facility will add further value to the sector’s offerings to the local, regional, and international markets. We are proud to support such organizations through our advanced facilities and unmatched multimodal connectivity.”
The color-coated steel plant, with a capacity to produce 100,000 metric tons (MT) of color-coated galvanized steel coils, strips, and sheets per annum, will cater to the increasing demand in the UAE and the region, in addition to manufacturing products to export to a number of international markets.
The facility will produce color-coated coils ranging from 0.18 to .9 mm in thickness. The plant also houses advanced sustainable technology, resulting in lowered carbon emissions from the factory, as per the company.
Mr. Bharat Bhatia, Chairman, and CEO of Conares, said that, “We are proud to launch our color-coated line, the most advanced facility of its kind in the region’s steel manufacturing sector. With the launch of this new plant, we expect the revenue to increase by 10 to 15 percent gradually, in comparison to that of the previous year. We are also aiming to increase our dispatch by 5 to 7 percent this year.”
“We are amongst the top steel manufacturers operating 24×7 to serve the upcoming projects in the UAE. We have aligned Conares with the region’s requirement for infrastructure development, in line with the ‘We the UAE 2031’ vision launched by H.E. Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai and Vice President of the UAE. We foresee a good demand for our products for ongoing and upcoming projects in the UAE,” Mr. Bharat further added.