Korean JV opens $70m RAK steel plant
Ras Al Khaimah, April 4, 2011
SeAH Steel UAE, a joint venture between leading Korean firm SeAH Steel Corp and Ras Al Khaimah Investment Authority (Rakia), has announced the launch of its new $70 million steel pipe manufacturing facility in Ras Al Khaimah.
Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, on Monday inaugurated the new SeAH Steel UAE plant at the Al Ghail Industrial Park in the emirate.
A leading steel pipe manufacturer, SeAH Steel Corporation said the new plant has a capacity to manufacture 150,000 tonnes of quality steel pipes per year.
The factory has a 3-Roll Bending and JCO type mill line to produce steel pipes for oil and natural gas transportation as well as for the construction sector, it added.
Speaking at the launch, Sheikh Saud said the inauguration of the new plant was a testimony to the transformation of UAE as a destination of choice for leading international companies for setting up new industries and businesses.
“It is a great moment for us to welcome this prestigious Korean company to the growing industrial sector of Ras Al Khaimah. The opening also marks yet another milestone in the great partnership between UAE and Korea,” he added.
RAK Crown Prince Sheikh Mohammed bin Saud bin Saqr Al Qasimi, Sheikh Abdullah bin Humaid bin Abdullah Al Qasimi, director of the office of the RAK Ruler attended the ceremony along with Kwon Tae-kyun, South Korea's ambassador to the UAE, Woon Hyung Lee, chairman and CEO of SeAH Steel Corp and others.
Howard Lee, president and CEO of SeAH Steel Corporation, said,“The excellent geographical location of the UAE and the huge pipe demand in the country were the dominant factors that led to our decision to set up SeAH Steel UAE.”
Lee pointed out that the new petrochemical plants to be set up in the country as well as the large scale infrastructure investments in the UAE and the region would create robust demand for high grade steel line pipes from the RAK plant.
“We are looking forward to establish and promote API line pipe in the Mena region, supply steel pipes to Korean EPC companies and export to other Middle Eastern markets,” he added.-TradeArabia News Service