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Jazeera Steel records 30% growth in revenues and OR2.1m in net profit in the first half 2011, as compared to previous year

Oman: Tuesday, August 02 - 2011 @ 16:11

The Company’s total production increased 30% over the same period last year with the increase in production and contribution from the Merchant Bar Mill (MBM).

The Chairman of Al Jazeera Steel, Mr. Sulaiman M. Al Rubaie, stated, “the political unrest witnessed in some countries across the MENA region affected the general business environment and caused disruptions in many areas. Unpleasant incidents, including the blockage to the entrance of the Sohar Industrial Estate, where Al Jazeera Steel Company is located, caused delays in production and dispatch. Nevertheless, despite losing production hours, Al Jazeera was very successful in the first half of 2011, improving significantly over the same period last year. Following the strong performance recorded in 2010, Al Jazeera recorded an outstanding 82% increase in net profit to OR2.1m ($5.46m) as compared to the first half of 2010.”

Mr. Al Rubaie, added, “on the MBM front, the first half of this year has been outstanding in terms of growth and profitability, primarily a result of the enhancements in the range of products manufactured. Those actions have led to MBM sales through July 2011 surpassing those achieved for all of 2010, and production approaching full capacity at several instances during this year. This allows Al Jazeera to better serve its customers’ requirements with high quality products.”

Al Jazeera Steel’s CEO, Dr. Bhaskar Dutta explained, “after a rapid increase in HRC (hot rolled coil) prices starting from the second half of 2010, a correction in steel prices was witnessed in the second quarter of this year, with overall supply in the global market catching up with demand. With the efforts of our employees and management, efficient inventory control and raw material sourcing, the company managed to attain attractive profit levels and to set new records for the company in terms of production and profitability.”

Dr. Dutta added, “We believe that we can improve our penetration into key regional markets, most significantly the Saudi Arabian market. We are optimistic about the prospects of the region and are taking serious steps towards strengthening our footprint in light of the huge infrastructural projects and underlying market demand.”

Lastly, Dr. Dutta explained, “the company, as a corporate policy, continuously invests in its human resources, and provides on-the-job training to employees to upgrade skills at various levels which will reflect positively on their performance as well as the future achievements of Al Jazeera.”

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Tuesday, August 2- 2011 @ 16:11 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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