Egyptian Trade and Industry Minister Tarek Qabil launched Thursday two new steel and fertilizers production lines for Egyptian Sponge Iron and Steel Company (ESISCO) Beshay Steel and Evergrow for Specialty Fertilizers.
The new lines were established with total investments estimated at around 3.5 billion Egyptian pounds (US$393.9 million) and set to provide 3,500 direct job opportunities.
The minister inaugurated the new lines during his visit to the industrial zone of Sadat City which is located 94 kilometres (58 miles) north-west of Cairo in Monufia governorate.
Head of Egyptian Industrial Development Authority (IDA), Ismail Gaber , Monufia governor Hisham Abdel Basset, and a number of members of parliament were accompanying the minister during his visit.
The minister stated that the newly-opened line is among the first phase of Beshay Steel’s project to produce sponge steel, adding that company’s total investments in the local market are estimated at three billion Egyptian pounds. Additionally, it achieves annual sales of 4.5 billion pounds and provides 1,500 job opportunities.
Beshay Steel group is one of the largest steel producers in Egypt and the Middle East. The group employs more than 1,500 handpicked personnel, qualified at the highest levels to continue to exceed the standards of the industry.
Qabil noted that the new expansion of Evergrow is considered as the first industrial complex specialised in producing fertilizers that cover needs of all crops.
The total investments of Evergrow are estimated at 235 million pounds, attaining annual sales of 534 million pounds. Meanwhile, the exports of Evergrow per year are estimated at US$50 million.
Evergrow is a pioneer company established in 2006, introducing the industry of the best quality of speciality fertilizers and relevant acids and chemicals to Egypt.
It is the first Egyptian industrial complex specialized in manufacturing of fully soluble potassium Sulphate, Mono-Ammonium Phosphate (MAP), Mono Potassium Phosphate (MKP), Urea Phosphate (crystal and liquid-UP), different solid and liquid NPK formulas and Calcium nitrate (crystal and liquid), Copper Sulphate, and Calcium chloride.
The new expansions would participate in rising company’s total investments to 500 million Egyptian pounds, boost annual sales to 1.9 billion pounds, hiking exports volume by 60 percent, and providing new job opportunities, the minister said.
On other side, Minister Qabil added that expanding in establishing different industrial projects in Egypt is one axe of ministry’s strategy to develop industrial sector and raising its participation to the GDP within the coming period, thus creating more job opportunities.
The Egyptian government exerts efforts to remove all obstacles facing investment movement to boost industrial growth and exports rates, Qabil stated.