Official name
EMSTEEL BUILDING MATERIALS PJSC
ADX · EMSTEEL
EMSTEEL BUILDING MATERIALS PJSC
- Research depth
- Detailed review in preparation
- Sector lens
- Materials
- Reporting context
- Q1 2026 reviewed IAS 34; FY2025 audited IFRS
Company overview
- Exchange
- ADX
- Ticker
- EMSTEEL
- ISIN
- Not yet available in the public research layer.
- Market identifier code (MIC)
- XADS
- Stable research ID
- ADX-EMSTEEL
- Industry evidence
- Integrated steel, cement and building-materials manufacturing
- Sector
- Materials
- Instrument type
- Listed equity
- Research status
- Detailed review in preparation
- Latest financial period
- Q1 2026 reviewed IAS 34; FY2025 audited IFRS
- Identity evidence checked
- 2026-08-10
- Identity checked
- Identity revalidation is due; this dated record is not proof of current listing status
- Listing lifecycle
- Primary active route confirmedA dated identity record does not prove the current listing state after its verification date.
Issuer participationProfile foundation available
EMSTEEL BUILDING MATERIALS PJSC · What the issuer can provide
- business and research review
- current identity confirmation
Why this company is in the directory
Coverage follows a reconciled listed-security identity and dated evidence. Inclusion describes research scope only; it is not a ranking, recommendation or claim of complete financial coverage.
- Identity reconciliation
- Official exchange route verified before public inclusion
- Current public research layer
- Company profile published · detailed review in preparation
- Evidence boundary
- Identity record checked: 2026-08-10
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Verified listing identity
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- Official listed name
- EMSTEEL BUILDING MATERIALS PJSC Available
- Exchange
- ADX Available
- MIC
- XADS Available
- Ticker
- EMSTEEL Available
- ISIN
- Missing Missing
- Instrument
- Listed equity Available
- Sector
- Materials Available
- Industry
- Integrated steel, cement and building-materials manufacturing Available
- Identity checked
- 2026-08-10 Available
- Official website
- Missing Missing
- Investor relations
- Missing Missing
- Registered address
- Missing Missing
- Public contacts
- Missing Missing
Company activity context
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Ticker
EMSTEEL
Exchange and MIC
ADX · XADS
ISIN
Not available in the public evidence layer
Instrument type
Listed equity
Sector and industry
Materials · Integrated steel, cement and building-materials manufacturing
Listing status
Primary active route confirmed
Official website
Not available in the public evidence layer
Investor relations
Not available in the public evidence layer
Registered address
Not available in the public evidence layer
Public email
Not available in the public evidence layer
Public phone
Not available in the public evidence layer
Business description
Not available in the public evidence layer
Verified issuer profile
A verified public issuer profile has not been published yet.
Business model
Integrated producer of direct-reduced iron, crude and finished long steel, rebar, wire rod, heavy sections, sheet piles, clinker, cement, concrete blocks and dry mortar. Revenue comes from physical product sales to UAE construction/infrastructure customers and export markets. Economics depend on steel/cement prices, iron ore, freight, gas and power, product mix, plant utilisation, maintenance, CAPEX and construction demand.
EMSTEEL: a kiln above nameplate, a cement mill at half, one ticker
One kiln ran past its own nameplate while the cement mills ran at half
In FY2025 EMSTEEL produced 3.327m tonnes of clinker against a disclosed clinker capacity of 3.1m tonnes — 107.32 per cent — while turning out 2.184m tonnes of cement against 4.6m tonnes of capacity, or 47.48 per cent. Both figures come from the same company in the same year. A number above 100 per cent means either that the plant runs beyond nominal rating or that the published capacity refers to a different perimeter, and the issuer has not reconciled it. The steel side is tighter and easier to read: crude steel of 3.404m tonnes on 3.5m tonnes of steelmaking capacity is 97.26 per cent, finished rolling 3.300m tonnes is 94.29 per cent, and the reduction plants can process 4.2m tonnes of ore a year.
The financial line starts in the middle of a merger
Arkan Building Materials acquired Emirates Steel from SENAAT on 6 October 2021 for 5.1bn newly issued shares, under common control, and applied the pooling method prospectively. FY2021 therefore contains Emirates Steel for less than three months and FY2022 is the first complete combined year. From FY2022 to FY2025 revenue moved from AED9,453m to AED8,941.330m, down 5.4 per cent, while profit went from AED510.205m to AED522.616m, up 2.4 per cent. Two adjustments sit inside that flat line: FY2024 profit of AED392.392m includes an AED207.321m reversal of impairment, and FY2025 still carries Anabeeb, the pipes and bags business, which contributed AED180.632m of revenue and AED41.460m of pre-tax profit before being sold on 31 December 2025 for a net gain of AED4.476m.
Three cement numbers in two official documents
The FY2025 board report states cement and clinker at 3.5m tonnes and 8 per cent growth. The components in the same report sum to 3.674m tonnes. The overview section rounds to 3.7m tonnes and calls the growth 14 per cent. The component figures are the ones that can be checked, and the discrepancy has not been withdrawn or explained. A reader who quotes the headline and a reader who adds the lines will not agree on how much cement the group actually made.
The controlling shareholder also sells the energy
SENAAT holds exactly 5,992,500,000 of 6,850,000,000 shares, 87.4818 per cent, and above it sits ADQ, which the Government of Abu Dhabi owns in full. The same state ecosystem supplies the inputs: FY2025 related-party transactions included AED585.727m of electricity and water, AED566.831m of ADNOC gas, an ADNOC gas-pipeline transfer of AED278.855m, a SENAAT gas-pipeline transfer of AED202.865m and AED97.473m of transshipment. A twenty-year ADNOC Gas supply agreement takes effect from 2027. The governance review found no significant conflicts, but that is a procedural finding, not a price benchmark, and the largest single cost lines of a steelmaker are set inside the owner's own group.
Net cash of AED1.3bn and two consecutive years without a dividend
Bank borrowings were eliminated during FY2025 and stood at AED227.176m at 31 March 2026 against cash of AED1,523.825m, leaving net cash of AED1,296.649m and equity of AED9,542.502m. FY2025 operating cash flow was AED1,273.786m against cash capital expenditure of AED452.818m. The board proposed no dividend for FY2024 or FY2025, citing growth spending, and the research file could not locate the approval outcome of the 21 April 2026 general meeting, so the FY2025 distribution remains proposed rather than decided. First-quarter 2026 revenue of AED2,167.958m produced a 19.67 per cent gross margin and AED298.726m of profit; the issuer's investor relations page reports first-half revenue of AED4.6bn, up 6 per cent, and EBITDA of AED941m, up 74 per cent.
What EMSTEEL has not measured for the reader
There is no multi-year series of realised prices or steel and cement spreads, no split between maintenance and growth spending inside the AED625m enhancement programme, no gas or power pricing formula, no customer concentration and no contract backlog. Internal Audit issued 132 high-risk action plans in 2025 without an ageing ledger of what remains open, and the audit committee's own report says "seven (6)" meetings while listing six dates. This page states no price, no valuation and no opinion on the shares.
The old summary table is temporarily withheld because its display did not preserve the exact relationship between metrics, periods and labels. This is a limitation of the website table, not a claim that the issuer did not disclose the data. The review text and sources are preserved. Review documents and sources.
Key reported figures
Physical assets
- direct reduction capacity of 4.2m tonnes a year
- steelmaking capacity of 3.5m tonnes a year
- cement capacity of 4.6m tonnes and disclosed clinker capacity of 3.1m tonnes
- FY2025 crude steel production 3.404m tonnes, 97.26% of nameplate; finished steel 3.300m tonnes, 94.29%
- FY2025 clinker production 3.327m tonnes, 107.32% of disclosed capacity; cement production 2.184m tonnes, 47.48%
- FY2025 finished steel and billet sales 3.319m tonnes, 90% domestic and 10% exported
- Q1 2026 steel sales 768kt, down 6% after a planned rolling-mill shutdown; cement and clinker sales about 1.1m tonnes, up 32%
- AED625m steel asset enhancement programme and AED204.2m of capital commitments at FY2025
- property, plant, equipment and right-of-use assets of AED6.448bn, 58% of total assets
Group entities
- SENAAT — 5,992,500,000 shares of 6,850,000,000, or 87.4818%
- ADQ — the state-linked ultimate parent, wholly owned by the Government of Abu Dhabi
- Anabeeb, the pipes and bags business, sold on 31 December 2025
- two continuing reportable segments: Steel, and Cement, Head Office and Blocks
Geographic footprint
- United Arab Emirates — plants at Abu Dhabi Industrial City, Musaffah; 90% of steel sales domestic
- exports to more than 70 countries
How to read this company's economics
Numerical values remain in the separate source-document checkHow the operating model becomes revenue and cash
Materials producers turn feedstock, energy, plants and distribution into physical output sold under commodity, contract or regional pricing. Volume, price and mix must be separated.
Five questions before reading the headline
1. What created demand?
Define capacity, production, sales volume and inventory in compatible units.
2. What was actually delivered?
Separate benchmark, realised price, product grade, geography and contract terms.
3. What determines the margin?
Read feedstock, energy, utilisation, logistics and product mix before margin.
4. Where is cash tied up?
Trace inventory, receivables, supplier terms and commodity working capital.
5. What must be funded next?
Match debottlenecking and new capacity to contracts, commissioning and cycle risk.
Official-source snapshot
What the company does and where to verify it
A manually reviewed, paraphrased snapshot from issuer and official market records. Each field keeps its exact source and verification date.
No public snapshot has passed this separate review yet.
Official website, investor-relations, market-record and public contact fields remain unavailable here until their exact source, current value and reuse boundary are reviewed. Nothing is inferred from aggregators or another company.
Building materials analytical model
The metrics below define the correct analytical lens for this business model. They contain no company values: a value appears only after official-document provenance and editorial verification.
- Sales volume
- Physical sales by product, geography, period and unit, separate from production.
- Realised price
- Reported or revenue-derived price by product with mix and currency identified.
- Capacity utilisation
- Production relative to available capacity for the same plant, period and physical unit.
- Unit production cost
- Comparable production cost per physical unit with energy and raw-material treatment disclosed.
- Energy intensity
- Energy consumed per physical output unit with fuel, electricity and plant perimeter identified.
What changed
Full company chronologyVerified company activity
Only exact-security activity that passes the automatic source, locator, date and localization gates is shown. Exceptions remain unpublished. Each date keeps its lifecycle meaning.
No linked activity currently passes every public source-document check.
Sources
Identity evidence
- Identity evidence
- Exchange-hosted evidence
- Identity record checked
- 2026-08-10
- Evidence host
- www.adx.ae
Research collections
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