Egypt targets EGP620 mln revenues from offering licenses for iron, cement

Egypt seeks revenues of 620 million Egyptian pounds ($36.5 million) from offering new licenses for iron and cement production during fiscal year of 2020/202.

The cement sector in Egypt is witnessing a severe recession amid a large surplus in production, and companies are searching for how to discharge it, which threatens the industry and led to the closure of some factories.

In the same context, the iron sector is witnessing a conflict between the pallet producers and the small rolling factories that depend on imports due to the preventive fees imposed by the country at the end of last year on some imports of iron and steel products.

Egypt’s production of reinforcing steel is between 7 million and 7.5 million tons annually.