$70m SeAH steel plant opens in RAK
April 24, 2011
RAS AL KHAIMAH: His Highness Sheikh Saud Bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, on Monday inaugurated the $70 million steel pipe manufacturing facility of SeAH Steel UAE at the Al Ghail Industrial Park here.
SeAH Steel UAE, a joint venture between SeAH Steel Corporation, a leading steel pipe manufacturer from South Korea, and Ras Al Khaimah Investment Authority (Rakia), has a capacity to manufacture 150,000 tonnes of high quality steel pipes annually.
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.
The inaugural function took place in the distinguished presence of Sheikh Mohammed Bin Saud Bin Saqr Al Qasimi, Crown Prince of Ras Al Khaimah, Kwon Tae-kyun, South Korea’s Ambassador to the UAE, Woon Hyung Lee, Chairman and CEO of SeAH Steel Corporation, and other senior company officials.
Speaking at the function, Sheikh Saud said that 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 of the new facility also marks yet another milestone in the great partnership between UAE and Korea,” he added.
Howard Lee, President and Chief Executive Officer 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 LLC”.
He added 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 Middle East and North African region, supply steel pipes to Korean EPC companies and export to other Middle Eastern markets,” he said.
Howard Lee added that SeAH Steel Corporation has emerged as the industry leader with a cumulative capacity of 20 million tonnes in 2010. The company currently manages ten overseas affiliates and has representative offices in US, Japan, China and Vietnam.
Sheikh Abdullah bin Humaid bin Abdullah Al Qasimi, Director of the Office of the Ruler of Ras Al Khaimah, heads of government departments and senior officials of Rakia were present at the function.