Steel group Solb Misr investments in Egypt hit $1.7bn

Investments of steel group Solb Misr in the Egyptian market are estimated at around 14 billion Egyptian pounds (US$1.7 billion) , Chairman Gamal El-Garhy told Amwal Al Ghad on Tuesday.

He stated that the group is providing around 6,800 direct and indirect job opportunities through its factory in Attaqa region in Suez governorate. The total capacity of the group is estimated at around two million tonnes annually.

El-Garhy clarified that Solb Misr’s expansion plan for 2015 included establishing two new factories with investments of US$150 million but the execution of this plan was delayed so that the group could stop its losses.

In 2015, Solb Misr group incurred losses estimated at 500 million pounds due the lack of dollar liquidity and the rise in energy prices.