Emirates Steel Arkan (ESA) and Bahrain Steel Company (BSC) signed a five-year iron-ore pellets (IOP) supply contract worth around $2 billion, the Emirates News Agency (WAM) reported on Wednesday.
The deal was signed at the recent Industrial Partnership for Sustainable Economic Growth initiative in Bahrain.
Building on 16x growth since 2009, the partnership between ESA and BSC continues with this new contract, targeting further expansion in IOP sourcing.
BSC, as per this agreement, will provide ESA with high-grade iron ore oxide pellets annually.
This collaboration is set to make a significant contribution to the regional iron and steel industry, promote sustainable economic growth, and showcase the power of international partnerships.
“Through this strategic partnership, we aim to not only foster integrated industrial growth, ensure a stable supply chain, and enhance the foundations of our steel manufacturing capabilities, but also strengthen economic ties within the Gulf Cooperation Council (GCC).” Said Saeed Ghumran Al Remeithi, Group CEO at Emirates Steel Arkan,
He also added that this initiative supports the UAE’s aim to strengthen partnerships and co-operation, aligning with the objectives of the Integrated Industrial Partnership for Sustainable Economic Development, launched in 2022, to integrate the resources, capabilities, and experiences of partner countries.
