Ezz Steel Raises Ain Sokhna’s New DRI Plant Finance To EGP2.8 Bln

Ezz Steel (ESRS.CA) announced on Tuesday that it signed a contract with the National Bank of Egypt (NBE), Banque Misr and other local banks to raise the amount of loan designated to finance Ain Sokhna’s new Direct Reduced Iron (DRI) plant.

Ezz stated that, the loan has been raised by EGP 550 million to eventually reach EGP 2.8 billion.

The company added that, the loan will be paid back in quarterly installments starting from 2015 till 2020, pointing out that the plant is expected to start operations by 2014 year-end.