State-owned Emirates Steel Industries plans to invest DH6 billion (US$1.63 billion) for the second phase of its UAE plant expansion in Abu Dhabi.
The first phase of expansion was started in 2006 and just completed with investment of Dh3 billion. The phase one expansion will increase production capacity from 650,000 tons to the current two million tons a year.
Phase II of the expansion will boost the plant's capacity to 3 million tons a year by 2011. Emirates Steel is looking to further boost its capacity to 6.5 million tons annually by 2013-2014 through capacity expansions and acquisitions.
SOURCE:YIEH.COM