Qatar Steel’s strategy aslo centers on innovation that increases operational efficiency and reliability, thereby decreasing costs.
As global output continues to grow, by 3.7% in 2017, Qatar Steel’s cost optimization program aims to maintain the company’s status as the sustainable steel supplier of choice in the region. This cost optimization strategy is an ongoing process, integrated at all levels of the company, balancing cost savings and innovation for optimal results.
Following the blockade on Qatar, these cost optimization strategies were essential. Qatar Steel successfully avoided the disruption of business by diversifying into new markets outside the GCC, predominantly in ASEAN-5 countries. The sale of billet and rebar in these new markets offset any potential sale loss. Qatar Steel foresees a continued focus in the coming years on raising HSE standards, seizing growth opportunities through prudent investments in line with IQ’s strategies, and increasing cost efficiencies. Through organizational and operational
improvements, the company expects to achieve these goals while optimizing costs.