Qatarization PortalCORPORATE STRATEGY
Qatar Steel’s Corporate Strategy Map details our objectives, initiatives, and targets that together ensure the ongoing success of our business.
This comprehensive framework incorporates the key priorities that our organisation identified in consultation with both internal and external stakeholders and outlines the key performance indicators that we monitor and measure at all levels of our organisation. Our strategy map is regularly reviewed and updated to ensure that it aligns with our long term ambition and continues to drive our business towards sustained success. Qatar Steel’s current Corporate Strategy Map for 2022 to 2026 is outlined below.
Qatar Steel’s Corporate Strategy is centred around the development of a more sustainable product portfolio. This includes optimising production processes to reduce waste and increase overall yield. In addition, our organisation plans to periodically carry out scenario planning workshops that focus on developing long-term strategy covering expansion/ acquisition, process improvements, and sustainability amongst others.
Qatar Steel’s strategy also aims at exploring various cost-reduction initiatives through operational diagnostics. By conducting a thorough analysis of operations, Qatar Steel seeks to identify opportunities for optimising efficiency and reducing expenses while maintaining its commitment to sustainability and excellence.
In 2023, we conducted the ‘Qatar Steel Vision 2023 workshop’ which focused on developing a vision for 2030. The workshop covered several key aspects which included Qatarisation and sustainability, and explored scenarios related to carbon reduction, digitalisation, cost reduction, and cultural transformation. In addition, Qatar Steel attended the World Steel Association General Meeting, World Steel Association (ECON-Economics Committee), World Steel Association (Technology Committee-TECO), and Arab Iron and Steel Union (AISU) in 2023. In 2024, Qatar Steel is planning to conduct an operational diagnostic (Cost reduction initiatives) and Strategy refresh workshops.
Qatar Steel’s Impact: The Carbon Border Adjustment Mechanism and ResponsibleSteel
The Carbon Border Adjustment Mechanism (CBAM) calculations and ResponsibleSteel are an important part of our corporate strategy. They both combine certain ESG-aligned certifications, such as environmental product declarations, which are crucial for entry into certain market geographies and segments. The third party consultant conducted a market analysis that identifies markets where customers are willing to pay the green premium. In addition, the market analysis covers a variety of ways to leverage production in the affiliate companies of Qatar Steel to best take advantage of its own products and those produced at facilities outside of Qatar.
