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Home page>PRESS RELEASE>Companies News>Emirates Steel Arkan, AD...
INDUSTRIAL


EMIRATES STEEL ARKAN, AD PORTS GROUP, ITOCHU AND JFE STEEL SIGN MOU GEARED
TOWARDS THE NEW LOW-CARBON IRON SUPPLY CHAIN


Emirates Steel Arkan, AD Ports Group, ITOCHU and JFE Steel sign MoU geared
towards the new low-carbon iron supply chain

The MoU was exchanged during the UAE-Japan Business Forum in Abu Dhabi in the
presence of Japanese Prime Minister Fumio Kishida and H.H. Sheikh Hamed bin
Zayed Al Nahyan, Member of Abu Dhabi Executive Council


Press Release

July 18, 2023

INDUSTRIAL

> PHOTO
> Emirates Steel Arkan, AD Ports Group, ITOCHU and JFE Steel sign MoU geared
> towards the new low-carbon iron supply chain

Abu Dhabi, United Arab Emirates: Emirates Steel Arkan (ADX: EMSTEEL), one of the
largest publicly traded steel and building materials manufacturers in the
region, AD Ports Group (ADX: ADPORTS), one of the world’s premier facilitators
of logistics, industry, and trade, ITOCHU Corporation and JFE Steel have signed
a non-binding Memorandum of Understanding (MoU) to collaborate on activities
related to the establishment of an integrated low-carbon iron supply chain
complex in Abu Dhabi.

The MoU was exchanged during the UAE-Japan Business Forum in Abu Dhabi in the
presence of Japanese Prime Minister Fumio Kishida and H.H. Sheikh Hamed bin
Zayed Al Nahyan, Member of Abu Dhabi Executive Council.

The complex, a first of its kind in Abu Dhabi, aims to produce low carbon
emission raw materials for use in steelmaking; this would include materials such
as Hot Briquetted Iron (HBI) and Low Carbon Emission Iron, further enabling
Emirates Steel Arkan to capture and meet the growing demand for environmentally
friendly steel products while strengthening the UAE’s sustainable industrial
ecosystem.





As part of the MoU, the parties will develop a joint framework for collaboration
related to the logistics and digital supply chain requirements for the new
low-carbon iron supply chain as well as share information and expertise on
industry best practices. AD Ports Group will be responsible for providing the
land for new plant in KEZAD Musaffah, as well as offering maritime/logistics
services for the supply of Iron Ore to new plant and the export of low-carbon
emission raw materials around the world. The Group may also provide a jetty for
the receipt of Iron Ore and dispatch of steel products on a Build Own and
Operate (BOO) basis.

The new project is envisioned to be constructed over several phases and include
pellet plants, direct reduction plants, smelter furnaces and other relevant
infrastructure. The project plan also aims to benefit from Emirates Steel
Arkan’s extensive decarbonization expertise and utilize clean and green energy
sources including solar and hydrogen.

Eng. Saeed Ghumran Al Remeithi, Group CEO, said, “At Emirates Steel Arkan, we
firmly believe that partnerships are vital in our journey towards establishing a
green steel hub and driving sustainable growth in the UAE, the region and
worldwide. Our collaborative efforts bring together diverse stakeholders, like
AD Ports Group, to collectively work towards the common goal of contributing to
achieving the UAE Net-Zero 2050 strategic initiative, and this complex serves as
a testament to our commitment to sustainable progress.”





He added: “This project holds immense strategic importance to Abu Dhabi as it
not only enhances our industrial capabilities but also demonstrates our
commitment to fostering innovation, sustainability, and economic
diversification. By leveraging the expertise and resources of our partners, we
aim to create a world-class steel production complex that provides low-emission
solutions to the global steel industry, further setting new standards in quality
and environmental stewardship."

Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports
Group, said, “Through this collaboration, AD Ports Group will leverage our
significant expertise in the logistics industry sector, as well as our diverse
maritime services, to establish an advanced integrated low-carbon steel
production complex. This ground-breaking initiative will not only meet the
growing demand for environmentally friendly steel products, but also strengthen
the UAE's position as a global leader in sustainable steel production and a
driving force behind decarbonization.

He added, “Responsible growth through innovation and collaboration is one of our
Group’s guiding principles, we believe in the power of partnerships to drive
meaningful change. In line with our wise leadership’s vision, we will continue
to forge a path towards economic diversification, as well as a sustainable
future, where logistics, industry, and trade coexist harmoniously with our
planet."

Keita Ishii, President & Chief Operating Officer of ITOCHU Corporation, said,
“We are also proud to be a part of this exciting project with established UAE
partners, to pursue joint goal of decarbonization. The target of the project is
to create a low carbon emission iron supply chain reducing the carbon footprint
and contribute to the global iron and steel industries heading to
“greenalisation”.

He added: “ITOCHU will leverage our experiences and networks developed over many
years engaging in natural resource investments and trading business, together
with our experience in establishing many new projects in the Middle-Eastern
Regions.”

Yoshihisa Kitano, President and CEO of JFE Steel Corporation, said “By achieving
this project which also assumes the installation of CCUS, not only we can
contribute to the UAE’s energy transition policies but we would also be able to
contribute in de-carbonization of the Japanese Steel Industry through securing
stable supply of low-carbon materials.”

He added: “With the strong support from AD Ports Group which we are honored of
having the opportunity to sign MoU, we would highly appreciate the strong
support from both of the countries, in order for the three companies to achieve
this project as one team.”

Recently, Emirates Steel Arkan also signed a MoU with the Abu Dhabi Department
of Economic Development (ADDED) and ITOCHU Corporation to pursue studies focused
on the establishment of an integrated steel production complex in Abu Dhabi. The
MoU aims to establish a low emissions iron production complex in Abu Dhabi that
will play a significant role in the global supply chain for low-carbon iron,
drive sustainable growth in the country’s low-carbon iron supply chain and
contribute towards achieving the UAE Net-Zero 2050 strategic initiative. 

-Ends-

For Media enquiries, please contact:

Mohammad Daggamseh
Manager of Communications
Email: mohammad.daggamseh@emiratessteel.com 

ASDA’A BCW
Chirine Mchantaf
Email: chirine.mchantaf@bcw-global.com

For Investor enquiries, please contact:
Gleb Diachkov-Gertcev
Director of Investor Relations
Email: gleb.dg@em

About Emirates Steel Arkan (ESA)

Emirates Steel Arkan (the Group) is a public joint stock company (ADX: EMSTEEL)
and the UAE’s largest steel and building materials manufacturer. The Group
leverages cutting-edge technologies to supply both the local market and more
than 70 international markets with high-quality finished products, creating a
one-stop shop for the manufacturing and construction sectors.

Emirates Steel Arkan is committed to contributing to the UAE's industrial
strategy ‘Operation 300 billion’ by delivering market-leading products to
support local industries, creating job opportunities for UAE Nationals, and
enhancing its sustainable practices. The Group is also among the leading
decarbonized steel manufacturers in the world and is recognized for its
world-class safety performance.

The Group’s steel and building materials have been used in some of the UAE’s
most iconic construction projects, including the Burj Khalifa, Emirates Palace,
Etihad Towers, Yas Island, and more.

Emirates Steel Arkan is majority owned by ADQ, one of the region’s largest
holding companies with a broad portfolio of major enterprises spanning key
sectors of Abu Dhabi’s diversified economy.

For more information, please visit our website: www.emiratessteelarkan.com  

About AD Ports Group:

Established in 2006, AD Ports Group today serves as one of the world’s premier
facilitators of logistics, industry, and trade, as well as a bridge linking Abu
Dhabi to the world. Listed on the Abu Dhabi Securities Exchange (ADX: ADPORTS),
AD Ports Group’s vertically integrated business approach has proven instrumental
in driving the emirate’s economic development over the past decade.

Operating several clusters covering Ports, Economic Cities & Free Zones,
Maritime, Logistics, and Digital, AD Ports Group’s portfolio comprises 10 ports
and terminals, and more than 550 square kilometres of economic zones under KEZAD
Group, the largest integrated trade, logistics, and industrial business grouping
in the Middle East.

AD Ports Group is rated A+ by S&P and A+ Outlook Stable by Fitch.

For more information, please visit: adportsgroup.com

Follow AD Ports Group on:

 * LinkedIn:  https://www.linkedin.com/company/adportsgroup
 * Instagram: https://instagram.com/adportsgroup
 * Facebook:  https://www.facebook.com/adportsgroup
 * Twitter: https://twitter.com/adportsgroup
 * YouTube: https://www.youtube.com/c/adportsgroup

For more information, please contact:
Sana Maadad, Director Communication
AD Ports Group
Sana.maadad@adports .ae

About ITOCHU Corporation

ITOCHU Corporation, one of the leading sogo shosha, is engaging in domestic
trading, import/export, and overseas trading of various products such as
textile, machinery, metals, minerals, energy, chemicals, food, general products,
realty, information and communications technology, and finance, as well as
business investment in Japan and overseas with approximately 90 bases in 61
countries.

About JFE Steel Corporation

JFE Steel Corporation, one of the world’s leading integrated steel producers,
was established through the consolidation of NKK Corporation and Kawasaki Steel
Corporation in 2003. The company operates several steelworks in Japan and
numerous branch offices and affiliates throughout the world. JFE Steel leverages
world-class technologies and know-how to produce a wide range of products based
on its “Only One, Number One” strategy of focusing on unique and best-in-class
products. The company reported consolidated sales of 3,881 billion yen and
consolidated crude steel output of 25.48 million tons in the fiscal year ended
March 2023.

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© Press Release 2022

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