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  • About Us

    Company Profile


    • Chairman’s Message
    • MD & CEO’s Message
    • Vision, Mission, and Values
    • Board of Directors
    • Management Team
    • Regional Leadership in Steel Production
    • Our Production Facilities
    • Investment in Subsidiaries and Associates
    • Qatar Steel Memberships
    • History and Recognitions
  • Products

    • Our Main Products
    • Product Specifications
    • Product Quality
    • Sales and Marketing
  • CERTIFICATIONS
  • Sustainability

    SUSTAINABILITY MANAGEMENT APPROACH


    • Message From Chairman
    • MD & CEO's Message
    • Sustainability Policy
    • Qatar Steel Highlights 2020
    • Sustainability Framework
    • Material Sustainability Issues
    • Strategy Map
    • Sustainability RoadMap 2020
    • Sustainability Performance Data
    • Qatar Steel’s COVID-19 Response

    CREATING A BALANCED ECOSYSTEM


    • Responsible Sourcing And Material Consumption
    • Efficient Energy Usage
    • Reducing Emissions
    • Water Consumption And Effluents
    • By Product Management & Recycling
    • Biodiversity & Ecotoxicity

    APPENDICES


    • Reporting Scope and Boundaries
    • Maturity Assessment
    • GRI Content Index and IPIECA Index

    BUILDING THE FUTURE


    • Product Innovation And Operational Efficiency
    • Product Quality and Traceability
    • Customer Satisfaction

    DEVELOPING A HIGH PERFORMING
    AND MOTIVATED TEAM


    • Training and Development

    QATAR STEEL COMPANY FZE (Dubai, UAE)


    • Engaging with Stakeholders
    • Materiality & Maturity Assessment
    • Summary of Stakeholders Activities
    • Sustainability Performance Data
    • Reducing environmental impact

    ENSURING A SAFE AND HEALTHY WORK ENVIRONMENT


    • Employee and Contractor Safety
    • Safety Governance
    • Safety Training
    • Emergency Response Preparedness
    • Occupational Health

    PRACTICE GOOD GOVERNANCE


    • Corporate Governance
    • Accountability and Ethics
    • Risk Management
    • Internal Audit

    Qatar Steel Company FZE


    • Lifecycle assessments
    • Code of Ethics and Business Conducts
    • Feedback / Complaints
    • QSFZE Sustainability Policy

    CONTRIBUTING TO NATIONAL GROWTH & DEVELOPMENT


    • Qatarization
    • Community Investments
    • Local Procurement

    ACHIEVING PROFITABLE GROWTH & BUSINESS PORTFOLIO


    • Growth Strategy
    • Operational Overview
    • Financial Performance
  • Customers
  • Procurement

    • Vendor Registration
    • Supplier Portal
    • NOC for Export
    • Purchase of Ferrous Scrap
    • HSE Procedures for Contractors
    • TAWTEEN – Supply Chain Localization Program
  • Publications

    • Qatar Steel Magazines
    • Integrated Reports
    • Annual Reports
    • Sustainability
    • Newsletter
  • Careers
  • Contact Us
  • Home
  • About Us
    • Company Profile
      • Chairman’s Message
      • MD & CEO’s Message
      • Board of Directors
      • Regional Leadership in Steel Production
      • Our Production Facilities
      • Investment in Subsidiaries and Associates
      • Qatar Steel Memberships
      • History and Recognitions
  • Products
    • Our Main Products
    • Product Specifications
    • Product Quality
    • Product Innovation
    • Product Traceability
    • Sales & Marketing
  • Sustainability
    • Our Sustainability Approach
      • Managing Director and Chief Executive Officer’s Message
      • Qatar Steel Highlights 2020
      • Sustainability Framework
      • Material Sustainability Issues
      • Strategy Map
      • Sustainability Roadmap 2020
      • Qatar Steel Policy
    • Building the Future
      • Product Innovation and Operational Efficiency
      • Product Quality and Traceability
      • Customer Satisfaction
    • Contributing to Qatar’s Development
      • Qatarization
      • Local Procurement
      • Community Investment
    • Creating a Balanced Ecosystem
      • Responsible Sourcing and Material Consumption
      • Efficient Energy Usage
      • Reducing Emissions
      • Water Consumption and Effluents
      • Waste Management and Recycling
      • Biodiversity and Ecotoxicity
    • Ensuring A Safe and Healthy Work Environment
      • AMAN Safety Transformation Program
      • Employee and Contractor Safety
      • Safety Training
      • Emergency Response Preparedness
      • Occupational Health
    • Developing a High Performing and Motivated Team
      • Training and Development
      • Employee Empowerment and Engagement
    • Practice Good Governance
      • Corporate Governance
      • Accountability and Ethics
      • Risk Management
    • Achieving Profitable Growth & Business portfolio
      • Financial Highlights (Consolidated)
      • Cost Optimization
    • Appendices
      • Reporting Scope and Boundary
      • Maturity Assessment
      • GRI Content Index and IPIECA Index
      • Acronyms
    • Qatar Steel Company FZE (Dubai, UAE)
      • Engaging With Stakeholders
      • Materiality & Maturity Assessment
      • Summary of Stakeholders Activities
      • Sustainability Performance Data
      • Reducing environmental impact. Decoupling growth from our environmental impact
      • Lifecycle assessments
      • Code of Ethics and Business Conducts
      • Feedback/Complaints
      • QSFZE Sustainability Policy
  • Customer
  • Tenders
    • Purchase of Ferrous Scrap
    • Supplier Portal
    • How to Tender
    • NOC for Export
    • HSE Procedures for Contractors
    • TAWTEEN – Supply Chain Localization Program
  • Publications
    • Qatar Steel Magazines
    • Annual Reports
    • Sustainability
  • Careers
  • Contact Us

Growth Strategy

The growth strategy for the future, remains as in the past, on product diversification (which is part of the old and new Sustainability Roadmap), and raw material securitization as key focus areas for the short and long term. In spite of the uncertainty and a rocky start to the year, near- to medium-term prospects domestically remained encouraging.

In view of the unstable market conditions, we took a prudent approach to impair the net book value of the facilities mothballed. The sales volumes were also impacted due to the management’s decision of mothballing certain facilities, with an intention to cater local sector demand only, as compared to the international demand, amid higher competition and declining margins internationally. Furthermore, even local demand weakened in 2020 owing to the closure or near completion of large infrastructure projects.

Company recorded a net loss of QR 1.3 billion for the year ended 31 December 2020 versus QR 36 million of segmental profit the year 2019. The net loss includes an impairment loss of QR 1.2 billion relating to mothballing of part of Qatar Steel’s production facilities. The net loss, excluding the one-off effect of impairment loss, would amount to QR 89 million.

While economic uncertainties continued to prevail, selling prices slightly improved in the second half of 2020, by 6% compared to last year, amid management’s decision to cater the local demand predominantly starting from Q2 of 2020, where the prices of steel tend to be higher than the international markets. Qatar Steel continued its profit-making trajectory after having a difficult first half of 2020 and following the strategic restructuring initiatives implemented. Mothballing of certain steel facilities allowed Qatar Steel to primarily focus on the profitable domestic market, which led to adjustment of its cost base. Moreover, due to the improvement in the international prices, we were also able to sell some of the quantities outside the domestic market. By changing the raw material mix, we reduced our costs without affecting the quality of the final product.

Till 2020, Qatar Chemical and Petrochemical Marketing and Distribution Company (Muntajat) Q.J.S.C. had been in charge of the marketing, sales and distribution of Qatar Steel products. In June 2020, Qatar Petroleum (QP) announced a decision to integrate Muntajat into QP as part of its ongoing efforts to strengthen its downstream capabilities and further enhance the State of Qatar’s global competitive position in the downstream sector. As part of this integration, it was concluded that effective from 1st September 2020 the Qatar Steel’s Sales and Marketing functions of Muntajat’s Metals business would be integrated back into Qatar Steel. This enabled us to efficiently serve customers and perform all sales, as well as marketing and distribution activities of steel products to the client markets

  • Achieving Profitable Growth & Business portfolio
  • Growth Strategy
  • Operational Overview
  • Financial Highlights (Consolidated)

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