EMSTEEL (EMSTEEL · ADX)
The Steel Behind the Skyline
EMSTEEL makes the reinforcing bars, beams and cement that hold up buildings, ports and bridges across the UAE, and it is the country's largest producer of both.
Bull case for EMSTEEL
Only regional maker of some steel shapes
Being the sole regional source of certain heavy shapes gives EMSTEEL pricing room rivals cannot match.
Home market buys nine tenths of output
Most steel is sold inside the UAE, so building activity at home drives the business.
Low-carbon steel wins buyers and certificates
Verified low-carbon steel opens doors with builders and lenders who must prove emissions cuts.
Bear case for EMSTEEL
Steel and cement prices set elsewhere
Global steel prices swing hard, and EMSTEEL cannot control what its products fetch.
Gas, power and iron ore dominate costs
Energy and imported raw materials make up most of the cost of every tonne sold.
One state shareholder owns most shares
A single state-linked owner holds the vast majority, leaving few shares freely traded.