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FINANCIAL NEWS
Emirates Steel set to start USD817m 3rd expansion
24 Apr 2012
(MENAFN) Emirates Steel unveiled plans for the USD817 million pahse 3 expansion of its plant this year, the Construction Week reported.
Emirates Steel is a subsidiary of Abu Dhabi Basic Industries Corporation (ADBIC), which is wholly owned by General Holding Corporation (GHC), an Abu Dhabi government-owned industrial investment vehicle.
Hussein Jasim Al Nowais, chairman of GHC, said phase 3 expansion is aimed at boosting the plants output capacity by 2 million tonnes annually. The new facility is expected to run in mid-2014
The third phase will facilitate 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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