Russian firm eyes developing Egyptian Iron Company

A leading Russian iron and steel firm expressed its keenness on participating in the project of upgrading Egyptian Iron and Steel Company, Egypt’s Public Enterprise Sector Minister stated Wednesday.

Minister Ashraf Sharkawy met with a mission from the Russian firm in the attendance of representatives from the Russian embassy in Cairo, Mohamed Saad Negeada -head of Iron and Steel Company-, and company’s advisor for developing.

This meeting comes among ministry’s plan to develop the Egyptian Iron and Steel Company.

During the meeting, the delegation showcased their offer as well as the similar projects implemented by the company whether in Russian or in any other state.

Minister Sharkawy added that the ministry follows a two-axe plan to upgrade the company: the first axe depends on upgrading some production lines with lower cost instead of replacing them with other new ones.

The second axe targets purchasing new unit for manufacturing iron in line with developing the existent production lines, Sharkawy clarified.

The minister asserted that the ministry would follow three significant factors while choosing the best offer; operation efficiency and product’s quality, the duration of executing project, in addition to the submitted fund.