A new 100,000mt per annum steel mill in the UAE is one step closer to being realized as Conares’ Bharat Bhatia received approvals from the Dubai government to own and operate the facility.
The company’s chief executive, who has managed its steel production and trading business from the Jebel Ali Free Zone since 1988, will have 100pc ownership rights, according to media outlets. Project timelines have not yet been announced.
Conares began by trading and re-exporting steel, supplying pipes and rebar to the UAE’s construction industry. More recently, it added local manufacturing by building a rebar factory and pipe mills in Jebel Ali.
Conares has the production capacity to manufacture 1mn mt of steel annually. The new mill is estimated to cost AED25-50mn ($6.8-13.6mn).
($1 = AED3.67)