Egypt's Ezz Steel Plans $1 Bln InvestmentSource: www.export-egypt.com 10/28/2013, Location: Africa |
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Egypt's largest steel maker Ezz Steel (ESRS) plans to invest $1 billion to build two steel plants in the country once the government pushes through a stimulus package to boost spending on large infrastructure projects, a firm official said.
Kamel Galal, the company's investor relations manager, told Reuters that his firm was planning to build the plants in Ain el-Sokhna, a region near the strategic Suez Canal. He did not give a time frame for the projects. One would be a direct reduced iron factory with an annual capacity of 1.85 million tonnes and the second a flat steel plant with a capacity of 1.2 million tonnes. "We already have the land and the licences for two brand new factories," he said. The economic slump, violent unrest and political disarray since a popular uprising toppled autocrat Hosni Mubarak in 2011 has hurt demand for cement and steel used in construction |
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