Egyptian Steel's Ain Sokhna steel factory to open next month

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Tue, 07 Nov 2017 - 03:12 GMT

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Tue, 07 Nov 2017 - 03:12 GMT

Businessman Ahmed Abou Hashima. Photo taken from his official Facebook page

Businessman Ahmed Abou Hashima. Photo taken from his official Facebook page

CAIRO – 7 November 2017: Egyptian Steel will start production with its new steel facility in Ain Sokhna in December, as part of the latest projects in the Suez Canal Economic Zone (SCZone), chairman of Egyptian Steel Ahmed Abou Hashima stated Tuesday.

Speaking at SCZone investments session in the World Youth Forum, Abou Hashima said the factory will be the second facility in Egypt to use energy and time-saving technologies by using less natural gas in operations.

The first factory to use this technology was Egyptian Steel's factory in Beni Suef.

Abou Hashima added that construction works of the Ain Sokhna facility started in April 2014, to be the fourth Egyptian Steel factory; bringing total production of the company to 2.3 million tons with $1 billion in investments.

Minister of Investment Sahar Nasr and head of the SCZone Mohab Mamesh signed an agreement in August to build a factory for Egyptian Steel at a total investment of LE 5.5 billion ($307 million).

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