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Join on Telegram Rabat – Sonasid, Morocco’s leading steel producer, has reported a 5% rise in social sales. According to the company’s latest quarterly performance indicators, its sales reached MAD 3.704 billion by the end of September 2024.
The company attributes this growth to a 12% increase in sales volumes during the first nine months of the year.
Capital expenditure stood at MAD 106 million as of September, part of a planned MAD 184 million investment for 2024.
A key milestone in this program is the completion of a prestressed wire production unit, a high-potential product set to hit the market by year-end.
Sonasid also reported cash surpluses of MAD 656 million, reflecting its strategy to channel available funds into industrial investments with long-term value creation.
This aligns with its “Act For Impact” strategic plan, which prioritizes business development, competitiveness, and the introduction of innovative, low-carbon steel products.
The company expects to benefit from the anticipated growth in Morocco’s construction sector in the fourth quarter and beyond.
As part of its regional leadership ambitions, Sonasid continues to strengthen its presence in North Africa. This growth has been supported by partnerships in Mauritania, Algeria, and other key markets for raw material supply.
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Sonasid’s roots in the Moroccan construction sector trace back to its establishment as a cornerstone of the country’s steel industry.
A pivotal moment in its history was the commissioning of an electric steel mill in Jorf Lasfar in 2005, reducing reliance on imported billets and securing supply through regional agreements.
The company’s evolution accelerated with a 2006 strategic partnership between Morocco’s Société Nationale d’Investissement (SNI) and global steel giant ArcelorMittal.
The collaboration facilitated technology transfers and expertise sharing, bolstering Sonasid’s competitiveness in both domestic and regional markets.
This partnership also led to the creation of Nouvelle Sidérurgie Industrielle (NSI), which holds a 64% stake in Sonasid. Leadership within the company alternates between SNI and ArcelorMittal, with each entity appointing a CEO every three years.
