United Arab Emirates-basedEmirates Steelhas announced that it plans to launch ES600, a high-tensile steelrebar, in the second half of this year.
The new light-weight ultra-high-strength ES600rebarwill help reduce the company’s carbon footprint for steel production.
In addition, the company has reported a net profit AED 207 million ($56.36 million) in the second quarter, compared to a net loss of AED 24 million in the same period of the previous year, driven by higher sales volumes and prices, and a supportive commodity market environment. In the given period,Emirates Steel’s revenues rose to AED 2.57 billion ($560.1 million), compared to AED 195 million in the second quarter last year.