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11. July 2011

Egyptian cabinet Okays steel licenses to 4 firms

Reuters reported that Egypt's cabinet granted four companies licenses for steel plants in the country as the government seeks to boost production and lower imports of supplies for the construction industry.

1. Port Said National Company for Steel
2. IIC for Steel Plants Management
3. Al-Marakbi
4. Al Wataniya.

The companies had won the licenses in December but were later given an extension to make the required payments.

The ministry of trade said that the production capacity of the factories is 2 million tonnes of rebar and 1 million tonnes of billet steel. Two plants will be located in southern Egypt and the other two in the Nile Delta with total investments at EGP 3 billion.

Demand for new housing in the Arab world's most populous nation has kept its construction sector strong despite the global economic downturn making Egypt a major market for steel exports mainly from Turkey.

The new licenses would help tackle a domestic shortage of steel rebar and allow property developers to avoid supply bottlenecks.

Sourced from Reuters

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