Steel giant ArcelorMittal Group has leased over one million square feet of industrial land in Sharjah to develop its production capacity in the emirate.
The Hamriyah Free Zone Authority (HFZA) has signed an agreement with ArcelorMittal Projects, a unit of the ArcelorMittal Group, to acquire the assets of a pipe and coating mill as well as the leasing deal of a 1.38 million square feet plot.
According to the agreement, the Luxembourg-based company will provide complete, customised, and sustainable steel solutions and services via three specialised and project-related business lines, state news agency WAM reported on Tuesday.
The memorandum of understanding (MoU) was signed by Saud Salim Al Mazrouei, director of the Hamriyah Free Zone Authority, and Johannes De Schrijver, CEO of ArcelorMittal Projects.
Al Mazrouei said: “The presence of ArcelorMittal Group, the world’s leading steel company, constitutes a great asset to the industrial sector in Sharjah. Such a move encourages other investors to launch new vital projects in the near future, especially now that the UAE is moving rapidly towards economic recovery.
“This agreement clearly shows the confidence of investors in HFZA as a major base and favoured destination for heavy and medium industries, thanks to the distinguished services provided and commitment to quality and safety standards.”
De Schrijver added: “We are pleased to forge a long-term partnership with HFZA, through which we seek to provide the most cost-effective solutions.”
Alongside production, ArcelorMittal Projects Middle East also offers anti-corrosion coating of external and internal pipe surfaces with a capacity of 1.5 million square meters per annum.
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