Star Steel to begin production in 2009

24/11/2008 - Dubai Investment News
Star Steel to begin production in 2009

Dubai-based ETA Ascon Star Group will begin its steel manufacturing at the beginning of 2009.

The group's latest move into the steel market will begin in 2009, under the new subsidiary Star Steel International LLC.

Star Steel International is expected to achieve an estimated turnover of $420 million (£277 million).

Executive director of the subsidiary, Abdul Razick, remarked that this foray into the region would "consolidate" the company's position in the region.

He said: "We have a strong presence in the steel trading business in this region, which we initiated in 2005.

"We are simultaneously investing in human capital; we will be employing more than 250 people to support this development."

The company is also expected to invest in a regional distribution network and is hoping to develop trading relations with other nations in the region in the near future, including Iran.

Star Steel International will produce an estimated 360,000 steel rebars and 240 steel structural sections per year.

A new steel bar profiling facility has also been commissioned.
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