IDA To Withdraw Steel License From Indian Arcelor Mittal

Industrial Development Authority (IDA) issued ultimatum to the Indian company Arcelor Mittal, which refuses to construct its steel factory in Suez although it had the license in 2008, in order to withdraw the license next July.

Eng. Ismail Nagdi, IDA Chairman, said the authority issued an ultimatum to the company, but it didn’t care and justified its refusal to build the factory to the country’s status quo; and he wondered where has been the company since it got the license in 2008.
The authority nowadays is holding several meetings with representatives of petroleum and electricity ministries, to make sure of the government’s legal stance before withdrawing the license. Nagdi referred that the project’s estimated production capacity is 1.5 million tons, with EGP 2 billion investing costs.

The Indian company Arcelo Mittal is one of the biggest steel producers in the world. It won a license to construct a steel factory in Egypt in return for EGP 340 million, with $ 1 billion investment in 2008.