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Abu Dhabi / Emirates Business
Emirates Steel, the only integrated steel plant in the UAE, has signed a four-year (2018-2021), high value contract with Brazilian firm Vale, the world’s largest producer of iron ore and iron ore pellets, to supply iron ore pellets for its steel production in Abu Dhabi, United Arab Emirates.
Emirates Steel and Vale have a long-standing business relationship that commenced in the year 2007 and has through this four-year contract strengthened into a strategic partnership. Emirates Steel has an iron ore pellet requirement of around 6 million tonnes per year.
The agreement was signed by HE Saeed Ghumran Al Remeithi, CEO of Emirates Steel and Peter Poppinga, Executive Director, Vale during an official meeting held at the Emirates Steel office in the presence of senior officials from both companies.
“The agreement with Vale comes in line with Emirates Steel strategy, which aims to secure flexible source of iron ore at competitive, stable and long term prices.This new partnership plays a vital role to further strengthening the growth of our steel production in Abu Dhabi, as well as realising our vision of being a world class steel manufacturer providing the highest quality products, services and solutions to our customers and maximising returns to our shareholders,†said Al Remeithi.
“We are confident that this long-term supply contract will give us more flexibility to better serve our customers, achieve our business targets and to continue our focus on operational excellence,†he added.