Egypt plans $1bln site for flat steel production – Cabinet

Egypt is set to establish an industrial compound for flat steel production in cooperation with a global partner with investments worth $1 billion, the Cabinet said in a statement on Wednesday.

The compound is set to have a flat steel production capacity of 1.8 million metric tons per year, and will target global exports and serve the local market as well.

The General Authority for Suez Canal Economic Zone (SCZone) approved the project and will be established in cooperation with the international company, added the Cabinet, without disclosing any further details about the global partner.