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Conares Strengthens ESG Commitment; Aligns with UAE’s Sustainability Drive
Dubai; 04th August 2023: Conares, the second largest private steel manufacturer in the UAE, has demonstrated its dedication to Environmental, Social, and Governance (ESG) initiatives by making significant progress. Strengthening its commitment to sustainability, the company has recently appointed three distinguished non-executive directors to its board. This strategic move further solidifies Conares’ alignment with the UAE government’s push towards sustainability.
In line with its expansion plans and the development of green steel, which also aligns with the Comprehensive Economic Partnership Agreement (CEPA), Conares recognizes the importance of establishing a robust corporate governance framework. The newly appointed non-executive board members bring a wealth of expertise in ESG practices, making them valuable assets in driving Conares’ sustainable initiatives and integrating responsible practices into the core operations.
Mr. Bharat Bhatia, CEO, Conares, emphasized the company’s strong belief in aligning its mission and vision with ESG principles as they pursue ambitious goals in the steelmaking sector. Embracing diversity and expertise from different regions, Conares fosters a culture of continuous improvement and social responsibility. The company’s focus on sustainability activities, social obligations, and internal corporate governance has been met with positive reception and validation from the esteemed non-executive board members.
Mr. Massimo Falcioni, a dynamic leader in the financial sector exhibiting over three decades of successful track records, is one amongst the three names joining as Conares’ non-executive directors. “I am honored to support Conares’ board at such an exciting time. The importance of access to financial services, including but not limited to trade finance, supply finance, and credit insurance; by assessing and managing risks through a disciplined process considering environmental, social, and governance factors to ensure sustainable growth and a healthy cash flow, is something that we can all relate to and is rightly one of the Conares’ priorities in the work it performs. I look forward to contributing my experience and knowledge to benefit Conares’ board to meet its objectives in this area.”
Speaking of how Conares aims at strategizing an ESG benchmark, he further adds, “Conares’s board has been working with one of the Big 4 professional advisors to define a new corporate strategy to maximize shareholders’ return, which has to be complemented by ESG aspects across all elements, including but not limited to ensure legal and regulatory compliance, reporting and risks management to be mirrored in the company’s business model, products, processes, organization, and investments in innovation. It is an exciting journey, that will lead the second private steel manufacturer in the UAE to set new standards in the industrial steel ecosystem.”
Joining the team is another veteran, a seasoned banking professional with an impressive thirty-year career spanning leading international and regional financial institutions, Mr. Vijit Singh Malik. He says, “The company is currently poised on exciting prospects to integrate further within the steel manufacturing ecosystem and capture more of the value chain. We shall ensure that the capital / financing structure is optimally aligned with the nature of current / future investments, so as to improve efficiencies and further de-risk the future cash flows within prudent risk management norms”.
For a long time, Conares has been dedicated to adopting responsible practices and driving positive change through its operations. The appointment of these non-executive directors marks a significant step forward in elevating Conares’ sustainability agenda.With businesses worldwide increasingly recognizing the significance of ESG practices in achieving long-term growth and value creation, Conares solidifies its position as a socially responsible corporate citizen through its commitment to aligning with the UAE government’s sustainability initiatives.
“I am truly privileged to be taking over as one of the non-executive directors at Conares. It is a testament to the company’s trust in my expertise. I am genuinely delighted to join this esteemed team and eagerly look forward to working together with my fellow directors. As a cohesive team, we will strive to steer Conares towards new heights of success, embracing innovation and fostering a culture of collaboration. Together, we shall chart a prosperous path for the company’s future,” adds the third non-executive director, Mr. Dennis Ruf, whois a dynamic and accomplishedsteelindustryprofessionalwith a proventrack record of drivingsubstantialgrowth in the global steel trading sector.
Having long embraced responsible practices, Conares solidifies its position as a socially responsible corporate citizen through alignment with UAE government sustainability initiatives. The new directors are determined to establish benchmarks and timelines, ensuring Conares continues to lead in environmental sustainability and inspires other organizations in the region to embrace greener practices.
With its foothold securely placed in the steel industry, Conares is one of the largest and the only private steel manufacturers in the region. Since its inception in 1988, Conares initially focused on steel trading. Having built extensive partnerships with renowned steel plants across the world, it brought the world-best competencies to the region, by setting up its own state-of-art manufacturing facility in UAE. Being a 100 per cent privately owned entity, the company’s assets exceed US$400 million of investments in the UAE.
As the Middle East focuses on the development, Conares serves as the perfect partner to meet the growing industry requirements for steel rebars, pipes and color-coated coils. A diversified and full-fledged manufacturing facility based in the UAE, the strategic hub between the East and the West, Conares today is the premier producer of quality steel products for wide-ranging needs, having a total manufacturing capacity of 1,500,000 MT annually. Conares earned various international product certifications for its various steel products, which it serves in the fledgling construction industry in the region and abroad. Meanwhile, its ongoing efforts in streamlining its manufacturing operations to be safe for its employees and community have earned the company its sustainability certification from UK CARES Sustainability Scheme.
From its central location in Dubai, UAE; Conares serves an extensive network of clientele including pre-engineering companies, steel trading companies, and construction majors not in the Middle East but across wider markets that are easily accessed from its headquarters. Led by a team of experienced and skilled professionals, Conares today employs more than 900 people. Conares has set new benchmarks in the steel industry through its commitment to quality, excellence, and service standards. A trusted name in the industry, Conares is led by the vision to support the region’s infrastructure development by providing world-class steel products through long-term partnerships.
At Conares every business partnership, each product, every process, and any aspect of service is defined by three core values – Trust, Quality & Strength.