Global Sourcing Project of the Year
The target of this initiative was to implement strategy to fix long term contracts for Graphite Electrodes (GE) while the market forecast showed a steep bullish trend following a low demand year of 2020.
Implementing this strategy would enable Emirates Steel (ES) to have a stabilised pricing over a longer term and would serve as a barrier against the market turbulence.
It would also open new opportunities for ES to expand the supplier base from the current region centric situation to a more global approach.
This strategy would also support ES to achieve sustainable savings in future.
Excellent achievement during a very critical time that the supply chain was facing. The submission relays the theme and ES has demonstrated a successful global sourcing project. Considering difficulties the market is facing in different commodities the results in procurement savings and supply security were outstanding.