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Emirates Steel to spend $1.6 bln to expand

Emirates Steel to spend $1.6 bln to expand

Dubai: State-owned Emirates Steel Industries is set to invest 6 billion dirhams ($1.63 billion) for the second phase of its UAE plant expansion, reuters writes, quoting the company's chairman. Phase II of the expansion will boost the plant's capacity to 3 million tonnes per annum by 2011, Hussain Al Nowais told reporters. The firm has just completed its 3 billion dirhams phase one expansion, he said.

"The first phase of the...expansion will lift our production from 650,000 tonnes per year to two million tonnes (per year)," Nowais said.

Emirates Steel is looking to further boost its capacity to 6.5 million tonnes annually by 2013-2014 through capacity expansions and acquisitions, Nowais said.

Abu Dhabi, cushioned by oil wealth, has felt the impact of the global slowdown less than Dubai. Abu Dhabi, leader of the seven-member United Arab Emirates, holds 90 percent of the UAE's oil reserves and pumps most of the oil from the world's third-largest exporter.  [17/06/09]