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Annual Report 3 2019 CONTENTS 2019 HIS HIGHNESS HIS HIGHNESS SHEIKH HAMAD BIN KHALIFA AL-THANI SHEIKH TAMIM BIN HAMAD AL-THANI FATHER OF EMIR EMIR OF THE STATE OF QATAR Annual Report 3 2019 CONTENTS Chairman’s 06 Message Managing Director & CEO’s Message 07 08 Board of Directors Management Team 09 Qatar Steel Company 10 (Overview, Vision, Mission & Purpose) Growth Strategy 12 14 Operational Overview Strategic Investments and Joint Ventures 17 Qatar Steel recognizes the 19 Financial Highlights importance of protecting the environment and conserving Safety, Health & natural resources. Through Environment 22 the years we have been proactive in increasing 32 Direct Reduction efficiency, productivity, reliability and safety while Quality Assurance 34 reducing the environmental impact of our processes. Corporate Social 39 Responsibility Annual Report 5 2019 CHAIRMAN’S MESSAGE MANAGING DIRECTOR & CEO’S MESSAGE period but it faced extremely unfavorable The focus on the people and their health and safety business conditions towards the end of the year. continued to show ongoing progress towards our goal The year gone by has seen the lowest profit for of zero harm to all. Qatar Steel was the proud the company, earning per share down, which recipients of the World Steel Association 2019 Award also had effect of no dividends paid to for Safety and Health Excellence for the Company’s shareholder. commitment to visible felt leadership and safety culture. Qatar Steel continued the downward trend in Total Recordable Injuries (TRI) for the fifth Our Affiliated companies contributed positively consecutive year, with a 35% reduction in TRI to the Qatar Steel group with improved (2019:13, 2018: 20) and the Total Recordable Injury conditions in their supply chain, which was Rate (TRIR) was significantly below the average of the regarded as a bottleneck in previous years. World Steel Association (QS: 1.38, WSA: 4.84). Saad Rashid Al-Muhannadi Our reputation for sustainability was enhanced Mohammed Bin Nasser Al-Hajri We continued the initiatives to reduce our carbon with the upgraded rating of “1 Rosette” from UK footprint during the year and improve environmental CARES. Qatar Steel became the first company in management by recycling about 100,000 tons of At the time of writing this message, life changed the Middle East and one of the four companies in Qatar Steel has encountered enormous challenges in by-product briquettes and consumed around 5,000 for many of us and we find ourselves fighting 2019 due to global slowdown, changing market tons of carbon materials from local companies in line the world to have received such recognition for dynamics and abnormal increased in variable and with the 2030 Qatar National Vision. Qatar Steel was with an invisible enemy. The rapid spread of the the efforts taken towards Sustainable COVID-19 virus and the measures adopted to fixed costs, thus severely impacted the financial also recognized for the WSA CO2 data collection Development. We were recognized for our performance of the company. project. contain it have precipitated a global crisis that is Health, Safety and Environmental initiatives by unprecedented in the speed and severity with the World Steel Association and received the In these challenging times, the Company is Building on its significantly improved safety record which it has affected the economy and our 2019 award for Safety and Health Excellence, as transforming to be more competitive, aligned and and the implementation of the world’s best practices everyday lives. The recovery from this crisis will well as recognition for the CO2 data collection coordinated towards achieving excellence and and initiatives, the Company rest assure everyone at take time and the sustainability of our operations project. delivering value. Although the economic volatility will Qatar Steel, whether they are an employee, will be tested like never before. continue, the Steel industry remains one of the contractor, temporary worker, or visitor, that the With the current reality in front of us, our cornerstones for global development. In 2019, the Company provide a safe, healthy and environmental The business year 2019 was one of the most Company continued to be strengthen, guided by three friendly workplace, and ensure everyone returns achievements of the past may seem somewhat transformation pillars of Project Sunrise, which home safely at the end of every shift. HSE remains a challenging in the past decade. There was fierce distant however, they have certainly contributed global competition due to excess steel supply, started late in 2018: reduce complexity, drive returns, top priority at Qatar Steel, and is aligned with the to providing a solid platform to confront this and advance sustainably. Qatar Steel has completed value of caring. lower economic growth, and over-capacity in crisis and prepare for the market recovery ahead. the first year of a five- year process to be boosted as production throughout all regions. This resulted a “High Performing Organization” with an improved Despite challenging times for businesses globally, the in higher competition and decreasing prices in As we move forward, we will strive for continual cost position and a smaller carbon footprint. The Company operations remained resilient and major markets. In anticipation of these improvement and are committed to transform Company currently hold a high second quartile responded effectively to the challenges posed by the challenges, Qatar Steel had started to reposition QS to a “Leading High Performing Company” in position on the global cost curve, and our objective is turbulent business conditions. The good work done itself from mid-2018 to becoming a leading high the steel industry. We will do so with the same to enter the first quartile once we complete the after the unfortunate blockade imposed on Qatar in performing company with the Integrated transformation journey. 2017 have helped Qatar Steel with the establishment spirit of innovation that has defined QS, of a crisis management committee to monitor the Transformation Project, which continued to recognizing our motto: “Building the future”. gather pace in 2019. On the production front, our company has received fluctuating business conditions and , specific focus on multiple forms of recognition from internal and protecting its employees, assets and operations. Thank you to our shareholders as well as all external sources, relating to Steel Making, Rolling Mill Nonetheless, having reported a healthy period of stakeholders for your continued support and performance, as well as the DRI plant. The current conditions put Qatar Steel’s strengths on high margins for years, QS entered a trust. display yet again; the employees are excelling in their consolidation phase at the start of the reporting From 2019, the local demand for steel started to performance to overcome this extraordinary soften as many large infrastructure projects in Qatar situation, and the robust strategic alignment across neared or reached completion. The consolidated the organization displayed on a new Strategy Map for earnings for the year 2019 stood at QAR 26 million in 2020-2025 keeps the Company focused towards its spite of the higher volumes sold. A reduction in goals. Revenue by 12% was mainly due to lower netbacks for all products by 11-15% as compared to 2018. The During these most difficult times, I would like to give difficult operating environment the Company faced special thanks to our employees, who are showing was due to a combination of multiple factors; exemplary solidarity and resilience as well as a declining domestic demand, a disconnect between capacity to act fast, and I am extremely proud of the finished steel and iron ore prices, and the effect of them. I would also like to thank our customers, US sanctions on China, and lately to Iran, in export suppliers and investors for their ongoing support. markets. Qatar Annual 6 Steel Report 7 2019 BOARD OF DIRECTORS MANAGEMENT TEAM Saad Rashid Al-Muhannadi Abdulla Mohamed Al-Mahmoud Mohammed Bin Nasser Al-Hajri Chairman Vice Chairman Managing Director & CEO Mohammed Bin Nasser Al-Hajri Managing Director & CEO Yousef Abdulla Q. Al-Emadi Khalid Ali M. Mandani Al - Emadi Ahmed Sabt F. Kalifa Chief Business Excellence Officer Chief Procurement Officer Chief Manufacturing Officer Mohamed Saleh Al-Bahili Issa Hassan Al-Hajri Shahrol Aizat Othman Khalid Jaham Al-Kuwari Adel Abdulla Al-Rumaihi Chief Technical Officer Chief Human Capital Officer Chief Finance & IT Officer Director Director Khalid Thamer Al-Hemaidi Khalid Mohammed Al-Hitmi Anjit Ahuja Director Director Dafa Allah Khatab Alexander Stramrood Internal Audit Manager Legal Manager HSE Manager Qatar Annual 8 Steel Report 9 2019 QATAR STEEL COMPANY (OVERVIEW) QATAR STEEL COMPANY FZE: PERFORMANCE REPORT Qatar Steel Company was established in 1974 as the first integrated steel plant in the Arabian Gulf. Qatar Steel Company FZE established in August 2003 to meet the growing demand for high-quality Commercial production commenced in 1978 with the company becoming wholly owned by Industries steel wire-rod products within the GCC as well as in international markets. The company operates two Qatar (IQ) in 2003. Qatar Steel was the proud recipient of '2015 Frost & Sullivan Middle East primary facilities at its Jebel Ali Free Zone site: State-of-art Wire Rod Mill with a capacity of 240,000 Integrated Steel Plant of the year' award in the global flagship event, GIL 2015: Middle East. Reports metric tonnes [MT] per annum and the advanced Rebar Mill with a capacity of 300,000 MT per and other documents available in public domain were researched based on five parameters: Market annum. Standing, Visionary Innovation Through Use of Mega Trends, Investments in Infrastructure /Greenfield Projects etc., Implementation of Best Practices (Strategy Development, Execution, Year 2019 was productive for QSC – FZE in many ways. Despite of all the challenges, we are able to Measurement etc.), Customer Purchase Experience (Customer Relationship Management) and achieve our goals.
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