At a Glance

During 2024, EMSTEEL maintained overall steel production volumes in line with the level attained during 2023. The Group delivered total revenues of AED 8.3 billion, approximately 6% lower than the AED 8.9 billion reported for 2023. This decrease in revenue is due to various factors, including fluctuations in global steel prices, increased competition and changing demand trends driven by economic uncertainties in key markets.

EMSTEEL’s profitability margins have been affected by an increase in low‑priced Chinese steel exports, which have directly or indirectly impacted prices in several of the Group’s key markets, including the GCC and important export destinations like Europe and the US. In 2024, EMSTEEL recorded EBITDA of AED 892 million, with a margin of 10.9%, compared to 14.2% in 2023. EMSTEEL’s FY24 profitability was supported by a significant improvement of the Group’s EBITDA during the fourth quarter of the year, amounting to AED 247 million, up 81% compared to the third quarter of 2024.

During the year the Group has further improved its net borrowing position and as of the end of 2024, EMSTEEL maintained a robust liquidity position of AED 0.3 billion Net Cash Position, compared to Net Bank Debt of AED 63 million as of 31 December 2023.