Jazeera Steel says it has awarded a contract for the enhancement of its rebar manufacturing capabilities at its Sohar plant in Oman. The project, due to commence commercial production by mid-2014, will boost rebar output by 70kt/y.

The Merchant Bar Mill will also be operational round the clock as a result of this from about the middle of next year, Sulaiman Mohammed Shaheen al Rubaie, company Chairman, said in the Directors’ Report of the company’s financial performance for the first half of 2013.

Despite a 14% decline in sales revenue for the period under review, net profit was up 5% to RO2.942M (US$7.63M) this year, from RO 2.792M ($7.25M) during the corresponding period of last year.

Total production slipped 1% to 153.780kt this year, from 154.818kt last year as of June 30.

Revenues slumped to RO 46.670M (121.2M) this year, from RO 53.960M ($140.13M) a year earlier.

Increased spending by GCC governments on infrastructure has helped offset the impact of the economic slowdown in Europe on the company’s business, the Chairman Al Rubaie noted commented “.... a very cautious approach is being taken by management to protect against any market downturns. A vigilant procurement plan for our raw materials, at the right prices and at the right time, is being monitored on a regular basis,” he stated.

Source: ‘Oman Daily Observer’, Muscat; 29 July 2013