Qatarization PortalMessage from Chairman
As we advance along our sustainability journey, the need to implement sustainable practices and reduce anthropogenic emissions is becoming more urgent. Rising temperatures and an increase in extreme weather events are having detrimental impacts on biodiversity, resources, and social inequality. It is imperative that these issues be addressed through collective action, innovative solutions, and sustainable practices across all sectors to ensure a resilient and equitable future for all.
OAs you explore these pages, you will see that Qatar Steel’s unwavering commitment to sustainability is reflected throughout the company’s strategy and operations. We have made great strides in creating a more sustainable and environmentally friendly product portfolio.
In 2023, we continued to deliver extraordinary results, notably with an increase of 16 % in net profit and a 6% year-on-year increase in Economic Value Distributed (EVD). This growth was supported by an increase in production and achieving the highest HBI sales in the history of Qatar Steel sales. Another significant achievement in 2023 was the acquisition of Al Qataria, which will enable us to diversify into new products that are not currently a part of our portfolio. This will bring several strategic benefits and further strengthen our leadership position in the domestic steel market. Additionally, this acquisition may unlock new export destinations for our products, enabling us to expand our sales efforts into international markets.
In 2023, we became a member of ResponsibleSteel, demonstrating our commitment to responsibly sourced and produced steel. At present, we are in the process of obtaining the ResponsibleSteel certification for responsible sourcing with the stage 1 audit planned to take place in 2024, further demonstrating our commitment to responsible business practices. Our alignment with the principles within the ResponsibleSteel methodology will help further support our planned expansion into
international markets.
I now invite you to explore our latest sustainability report which provides a comprehensive overview of our efforts, achievements, and commitments toward fostering a more sustainable future. We recognise that sustainability is an ongoing journey that requires continuous innovation, adaptation, and collaboration to address evolving environmental, social, and economic challenges effectively. As we look forward into 2024, we know that we still have some way to go along this journey, but we are proud of the progress we have made so far and look forward to finding new and innovative ways to incorporate sustainability into all aspects of our operations.
Our alignment with the principles within the ResponsibleSteel methodology will help further support our planned expansion into international markets.
Best regards,
Saad Rashid Al-Muhannadi
Chairman
