Iron industry contributes $5.1 billion to Egypt’s GDP

The iron industry provides around 40 billion Egyptian pounds ($5.1 billion) of contribution to Egypt’s GDP, George Matta – corporate marketing officer at Ezz Steel Company – said Wednesday.

During Egypt Builders Forum that kicked off in Cairo on Tuesday, Matta further said the total investments operating in Egypt’s iron industry are estimated at around 50 billion pounds.

The sector secures direct job opportunities up to 50,000, he added.

The Egyptian iron industry can fill the market needs to carry out the country’s national projects backed by a 4 million-tonne surplus in the production capacity of the local iron factories, Matta stated.