Emirates Steel to invest Dh 6 billion for phase two

Abu Dhabi-based Emirates Steel Industries (ESI) has decided to pump Dh 6 billion ($1.6 billion) for the second phase of its UAE plant expansion.

According to sources, phase II of the expansion will inverse plant's capacity to 3 million tonnes per annum by fiscal 2011. The firm has just completed its Dh3 billion phase one expansion, he said.

The company authorities said that the first phase of the expansion will lift company's production from 650,000 tonnes per year to two million tonnes per year.

Emirates Steel is planning to further boost its capacity to 6.5 million tonnes annually by 2013-2014 through capacity expansions and acquisitions.