Egypt-based steel group, Solb Misr has pumped investments worth US$100 million to establish a new production line for its Ataqa factory, said owned and chairman Gamal El-Garhy.
Speaking to Amwal Al Ghad on Thursday, El-Garhy stated that the Group’s factory in Ataqa is on a total space of around 1.1 million metres.
Solb Misr has recently obtained the state Industrial Development Authority (IDA)’s approval to produce an additional 2.5 million tonnes of steel billets annually, he added.
Moreover, the Egyptian prominent businessmen El-Garhy stressed that the country’s factories and companies are capable of filling the national projects’ needs of steel. He expected that the coming phase would witness a growing demand for steel products by 20-25%, triggered by the country’s ongoing national projects.