Qatar Steel’s Corporate Strategy Map plays a vital role in ensuring the ongoing success of our business. It serves as a comprehensive framework for managing our business operations, incorporating key priorities that have been identified through extensive consultation with both internal and external stakeholders. These priorities are further dissected into key performance indicators, which are in turn monitored and measured in balanced scorecards and regularly reviewed at all levels of our organisation.
In 2022, our strategy map underwent a comprehensive update to align with our corporate objectives for the next five years. This update was undertaken with a longterm perspective, taking into consideration the company’s overarching vision and goals.
By aligning our strategy map with our longterm vision, we can ensure that our actions and initiatives are aligned with our desired outcomes, ultimately driving our business towards sustained success.
Our Corporate Strategy is centred around the development of a more sustainable and greener product portfolio, which is a threefold strategy:
Firstly, we aim to optimise production processes and minimise waste generation, thereby increasing overall yield.
Secondly, the strategy emphasises the implementation of a green pricing mechanism, aiming to maximise the value of sustainable products in the short to medium term. This will result in a dedicated revenue stream (Green Revenue stream).
Thirdly, Qatar Steel intends to periodically carry out scenario planning workshops, focusing on developing Long term Strategy covering
Expansion/ Acquisition, process improvements, Sustainability etc. Additionally, in line with the Qatar National Vision 2030 (QNV), Qatar Steel is in the process of committing to collaboration with the Science Based Targets initiative (SBTi) and adhering to their methodology for setting ambitious targets.
Our strategy also aims at exploring various cost-reduction initiatives through operational diagnostics. By conducting a thorough analysis of our operations, we seek to identify opportunities for optimising efficiency and reducing expenses while maintaining our commitment to sustainability and excellence.