Emirates Steel appoints Gregor Müenstermann as new CEO

Muenstermann, 50, brings with him over 20 years of extensive senior management experience in the steel production industry, most recently holding the post of CEO and Chairman of the Board of ArcelorMittal Poland SA, one of the largest iron and steel producers worldwide, and Czech Steelworks Mittal Steel Ostrava.

Commenting on Müenstermann's appointment, H.E. Hussain Al Nowais, Chairman of Emirates Steel, said:

"Gregor Müenstermann is our ideal choice to lead Emirates Steel and our world-scale expansion plan. His appointment reinforces Emirates Steel's strategy to recruit industry leaders with the relevant expertise and know-how, helping us to position the company as one of the most significant contributors to Abu Dhabi's economic diversification efforts."

Al Nowais continued to say, "We are confident that with his 22 years of management experience and the best practices he brings from ArcelorMittal, the world's largest steel company, Müenstermann will take the company to even higher levels of excellence and performance, ultimately positioning us as a major player among the leading international steel producers."

On his new appointment as CEO, Gregor Müenstermann said, "I am honored to be entrusted with this key position and to have the opportunity to lead such a highly qualified team. Emirates Steel has already made its mark on the competitive steel industry in just a few short years. Together, we will be focused on achieving even greater success in our impressive expansion plans to support the Emirate's economic diversification initiative."

Al Nowais also emphasized the company's dedication to Emiratization, noting that the company's first two phases of expansion have created numerous high-profile technical and management job opportunities for UAE Nationals. Emirates Steel aims to increase the number of its UAE employees from the current 20% to reach 25% by the end of 2009, of which over 60% will hold management positions.

Emirates Steel has increased its production capacity from 650,000 tons in 2006 to 2 million tons in 2009, marking the completion of phase 1 of its expansion.

Phase 2 of the Dhs9bn expansion plan, scheduled for completion in the final quarter of 2011, will increase the company's production capacity to 3 million tons per annum, increase the plant's total area to 2 square kilometers and introduce heavy and jumbo steel sections to Emirates Steel's product portfolio.

The company's further expansion plans will take its production capacity to 6.5 million tons annually by 2015, making it the biggest iron and steel production facility in the region.