Annual Report
Annual Report

As a leader in the steel and building materials sector, EMSTEEL continues to advance through innovation and sustainability, underpinned by a foundation of resilient financial performance.

Discover EMSTEEL

EMSTEEL is the UAE’s largest steel and building materials manufacturer, supplying both domestic and international markets with high-quality finished products.

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Market Leader
UAE’s largest steel producer, serving 70+ countries
Expansive Product Range
Rebar, wire rod, heavy sections, sheet piles, and more
Green Steelmaking
Leader in low-carbon steel and the first steelmaker to capture CO2
Strategic Growth
Scaling production and forging strategic partnerships
Chairman’s Statement
Hamad Al Hammadi. Chairman of EMSTEEL
Looking ahead, our strategic priorities include accelerating regional and international expansion, expanding our product portfolio, and delivering long⁠-⁠term value for our customers and shareholders.
Hamad Al Hammadi
Chairman of EMSTEEL
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Highlights of 2024
3,100 kt
finished steel products and billets sales
1,673 kt
cement sales
83% domestic sales
AED 8.3 billion
Revenue
AED 0.9 billion
EBITDA
10.9 %
EBITDA margin
Year in Review: 2024

In 2024, EMSTEEL achieved solid financial results despite challenging global market conditions, which exerted significant pressure on profitability across the global steel industry. As the UAE’s largest steel and building materials company, the Group is committed to advancing the UAE’s industrial strategy, contributing to sustainable growth in line with national climate goals, and fostering a more diversified economy.

Developing Green Hydrogen Project

EMSTEEL collaborated with Masdar on the successful completion of a pilot project demonstrating the use of green hydrogen to produce green steel, paving the way for more sustainable steel manufacturing.

Strategic Advancements in Low-Carbon Iron Joint Venture Project

The Group has made significant progress in advancing its ambitious Low-Carbon Iron Joint Venture project. A comprehensive feasibility study is currently underway for this transformative initiative, with the goal of positioning Abu Dhabi as a global leader in sustainable steel production.

Modernisation of Existing Assets

The Group continues to upgrade its current assets to better address the evolving requirements of the market and respond to the increasing demand for higher-grade steel.

New Brand Identity

EMSTEEL launched its new brand as part of a broader strategy to accelerate its operational transformation and extend its global presence.

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In 2024, EMSTEEL achieved solid financial results despite challenging global market conditions, which exerted significant pressure on profitability across the global steel industry. As the UAE’s largest steel and building materials company, the Group is committed to advancing the UAE’s industrial strategy, contributing to sustainable growth in line with national climate goals, and fostering a more diversified economy.

Delivering Value

With a focus on solid operational performance and resilient financial outcomes, EMSTEEL is committed to sustainable growth and positive economic contributions across all our regions of operations.

AED 8.3 billion
revenue
AED 0.9 billion
EBITDA

EMSTEEL is committed to fostering long-term value and reducing the risks for our suppliers through establishing responsible sourcing standards and ethical business practices.

1,365
local UAE suppliers
AED 6.8 billion
procurement budget

EMSTEEL is focused on empowering our employees by fostering a spirit of togetherness, maintaining a position as a preferred employer, and championing safety and sustainability in the workplace.

3,703
total workforce
AED 619 million
of salary paid across the Group
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Sustainability Milestones in 2024

As a market leader, EMSTEEL is at the forefront of innovating and implementing green technologies, setting the industry standard for sustainable building materials.

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Decarbonisation & Environmental Stewardship
0.67 tCO2e/t
(market-based) is the GHG Scope 1 and 2 intensity for Emirates Steel, (lowest since 2019)
Decreasing trend
Commitment to Our People & Communities
0.36 TRIFR
(reduced by 36% at Group level from 2023)
Decreasing trend
A Trusted & Responsible Partner
100 %
of new suppliers screened using environmental and social criteria
Increasing trend

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