CAIRO: ArcelorMittal, the world’s largest steel producer, on Tuesday signed a deal to produce sponge iron and steel billets in Egypt, in a $1billion investment, the official MENA news agency reported.
ArcelorMittal won the license, worth LE 340 million ($61 million), to produce three million tons of iron and steel products a year, MENA quoted Industrial Development Authority chairman Amr Assal as saying.
He said, “Investments in the project amount to $1 billion.
It said construction of the plant, which will be located close to the Northern Red Sea coast, is expected to start in 2009.
Under the terms of the license, the plant will produce 1.6 million tons of steel using DRI technology, and 1.4 million tons of billets through the Electric Arc Furnace Route. -AFP
