Message from Chairman

Dear Stakeholders,

During 2021 the recovery in the global economy gathered momentum as countries and industries strove to recover from the impact of COVID-19.

The Pandemic highlighted weaknesses within global supply chains, which faced increasing pressure after the lockdowns ceased and the demand for goods and services rose rapidly leading to supply shortages and issues surrounding logistics.

In several industries, the rise in raw material demand resulted in record-high commodity prices and steel was no exception.

As anticipated, organizations with robust Environmental, Social and Governance management have demonstrated a high-level adaptation to the resulting uncertain landscape in the contemporary business world. We at Qatar Steel, have adopted an integrated approach that merges value creation with ESG.

Qatar Steel has also embarked on the journey towards carbon neutrality embracing and incorporating its commitment within our Vision and Mission Statements, also joining our peers in the Global Steel fraternity in reporting our emissions via the World Steel Associations ‘Step Up’ program and being a signatory to the latest Sustainability charter. Our focus has shifted to embracing increasingly tighter Green House Gas (GHG) emission targets and adopting best practices, especially with regards to the circular economy and the control of waste. We have worked hard to control our use of water, with the installation of a Near Zero Liquid Discharge plant, becoming a leader within the regional steel industry in minimizing and recycling this precious resource.

Through the adoption of our High-Performance Organization approach we are focusing on our other precious resource, our people, and have been able to help them improve their skills through onsite training, and wellbeing, through our continued emphasis on lifestyle balance.

Qatar Steel has registered a strong Financial performance in 2021 after two years of extreme disruptions. This achievement is credited to the courage, dedication and tenacity of our people. In 2021, we developed a new Sustainability Road Map 2022-2026, encompassing new objectives, based on benchmarking to regional and international peers and aligning with the Qatar National Vision 2030. The new objectives will serve as a catalyst empowering us to leverage our ESG performance and increase the value produced within our business.

I am delighted to present Qatar Steel’s Annual Sustainability Report, showcasing our ESG management approach and overall performance. I would also like to thank our stakeholders for their support and assistance that allowed us to continue operating safely and optimally throughout the challenging lockdown periods during which we note with pride that we continued to run safely, reliably and efficiently across our organization upholding Safety and Integrity. To this end, I am confident that with the right direction and support, Qatar Steel
is going to continue creating value for all our stakeholders while respecting cultural heritage and remaining a responsible steward of the environment

Looking forward to future growth and success.

Saad Rashid Al-Muhannadi
Chairman