Al Gioshy steel seeks to establish a new production line worth 500 million pounds

Al Gioshy steel seeks to establish a new production line in the Sixth of October city a total investment of 500 million Egyptian pounds by the end of the current year, according to CEO  Tarek AlGioshy.

He told Amwal Al Ghad that the new line contribute with increasing the production capacity from 240,000 tonnes to 500,000 tonnes referring that the company exports 40 percent of its production.

Al Gioshy steel factory has recently been inaugurated in the Sixth of October city with a production capacity of 240,000 tonnes of steel annually.

The factory is worth a total investment of EGP 500 million and aims to pump an additional EGP 250 million to establish a new production line in the coming months, with a production capacity of 360,000 tonnes of steel to reach an overall production capacity of 600,000 tonnes of steel.