Egypt to set up a $1B industrial steel complex

CAIRO - 13 September 2023: Egypt will establish an integrated industrial complex for flat steel’s production in cooperation with an unnamed international company with an investments of $1 billion.

Cabinet Spokesman, Nader Saad, explained that the project’s area is 1.5 million square meters. In addition to that the investments of $1 billion will be pumped in two phases. He added that the General Authority for the Suez Canal Economic Zone (SCZone) has approved the project.

He pointed out that the annual production capacity of the project will be 1.8 million tons and that production is expected to start after 18 to 24 months from obtaining approvals.

Saad explained that 6,500 jobs opportunities will be provided by establishing the project, of which 2,000 are direct jobs and 4,500 indirect jobs and added that the project intends to export to global markets and serve the local market.

This came within Egypt’s efforts under President El-Sisi’s directives of providing a supportive environment for Egypt’s heavy industries sector especially the iron and steel industry.  The project will be the step in achieving state’s plan to develop the heavy and strategic industries and boost local industrialization in the heavy industries sector.