EMSTEEL BUILDING MATERIALS PJSC

Emsteel Building Materials P.J.S.C, a public joint stock company, has announced the opening of nominations for membership on its Board of Directors. The nomination period runs from Monday, September 30, 2024, to Thursday, October 10, 2024. Interested candidates who meet the nomination criteria should submit their applications electronically via email to ir@emsteel.com, including a profile and supporting documents, and specifying the type of membership they are applying for (Executive Member, Non-Executive Member, or Independent Member). There are seven vacant seats available on the Board. The nomination period is open for 10 days in accordance with Article 9 of the Chairman of Authority’s Board.

The Board of Directors of Emsteel Building Materials PJSC invites shareholders to attend the general assembly meeting at Emirates Steel Industries in Musaffah, Abu Dhabi, UAE. Shareholders can also participate remotely via an electronic link provided through SMS or email upon online registration. The meeting will be held at 3:30 PM on Tuesday, October 22, 2024, to discuss the agenda and vote on proposed resolutions. The main agenda item is the election of the members of the Board of Directors. Shareholders who have the right to attend may delegate someone else, excluding Board members, company employees, or brokerage firms, with a special written power of attorney. The attorney must not represent more than 5% of the company’s capital.

The Board of Directors of EMSTEEL Building Materials Company PJSC issued a resolution by circulation on September 17, 2024. This decision was made in accordance with relevant federal and company laws and regulations. The Directors unanimously agreed that the matter was urgent, necessitating a resolution without a physical meeting. The resolution calls for inviting the Company’s General Assembly to convene on October 22, 2024, to elect new Board members. The Directors have signed this resolution as documented.

On 12 September 2024, Emsteel Building Materials PJSC notified the Disclosure & Compliance Section and Market Operation Surveillance Department of the Abu Dhabi Securities Exchange that its Board of Directors will issue a resolution by circulation on 17 September 2024. The agenda includes considering the convening of the Company’s General Assembly to elect new members of the Board of Directors. The notification was signed by Eng. Saeed Ghumran Al Remeithi, Group Chief Executive Officer of EMSTEEL Group. A copy was also sent to the Securities and Commodities Authority (SCA).

Emirates Steel Arkan has appointed Mark J.S. Tonkens as the new Group Chief Financial Officer (GCFO), effective September 2, 2024. Mark Tonkens previously served as CFO at BME - Building Materials Europe and has held senior financial positions at Borealis and Philips. He will replace Stephen J. Pope, who will transition to a strategic advisory role within the Group CEO Office after 17 years with the company. The company highlights Stephen's significant contributions, including guiding the Group through a merger and public listing. CEO Eng. Saeed Ghumran Al Remeithi expressed gratitude for Stephen's leadership and looks forward to Mark's expertise driving future financial strategies. Emirates Steel Arkan aims to continue its growth and enhance shareholder value under Tonkens' leadership. The company is a major UAE steel and building materials manufacturer, supplying local and international markets and supporting the UAE's industrial strategy.

The document is a formal notification from Emsteel Building Materials PJSC, addressed to the Disclosure & Compliance Section of the Abu Dhabi Securities Exchange. It announces the appointment of Mr. Mark J.S. Tonkens as the new Group Chief Financial Officer (GCFO) of the company, effective from 02 September 2024. The notification is signed by Eng. Saeed Ghumran Al Remeithi, the Group Chief Executive Officer of Emsteel Building Materials PJSC. A copy of the notification has also been sent to the Securities and Commodities Authority (SCA).

Emirates Steel Arkan reported AED 3.96 billion in revenue and AED 503 million in EBITDA for the first half of 2024. Despite challenging market conditions, including a slowdown in the Chinese economy and global geopolitical uncertainties, the Group maintained production volumes similar to H1 2023 by redirecting some international exports to the UAE market. Revenue was approximately 10% lower than the AED 4.43 billion recorded in H1 2023. The Steel division generated AED 3.60 billion in revenue with a profit before tax of AED 140 million, while the Building Materials division earned AED 353 million with a profit before tax of AED 51 million. The Group's cost reduction and transformation program added AED 78 million to EBITDA. The Group improved its cash position to AED 610 million by the end of H1 2024, up from AED 426 million at the end of 2023. Strategically, the Group was recognized for its sustainability efforts by the World Steel Association and the World Economic Forum, and received awards for sustainable manufacturing and industrial contributions at the Make it in the Emirates Awards 2024. The Group continues to upgrade its assets to meet market demands for higher-grade steel.

The Board of Directors of Emsteel Building Materials PJSC (EMSTEEL) held its fourth meeting for the year 2024 on August 1st, 2024. During this meeting, the Board approved the financial statement for the first half of the year 2024 and discussed other business matters. The notification was addressed to the Disclosure & Compliance Section of the Market Operation Surveillance Department at the Abu Dhabi Securities Exchange and was signed by Eng. Saeed Ghumran Al Remeithi, Group Chief Executive Officer of Emsteel Building Materials PJSC. Copies were also sent to the Securities and Commodities Authority (SCA).