The Prime Minister, Moustafa Madbouly, chaired a meeting to review the progress of a project to establish an integrated industrial complex to produce flat steel, in partnership with an international company. The project, which is located in the Suez Canal Economic Zone (SCZONE), has an investment value of nearly $1bn.
The meeting was attended by the ministers of planning and economic development, environment, international cooperation, and local development, as well as representatives of the Ministry of Housing, the Holding Company for Potable Water and Wastewater, the Industrial Steel Products Company, and the international company.
Nader Saad, the official spokesperson of the Cabinet, said that the project aims to enhance local manufacturing and export of flat steel products, which have a wide range of industrial and economic applications. He said that the project has obtained the approval of the SCZONE and will operate under the special system of economic zones.
The project covers an area of 1.5 million square meters and will be implemented in two phases. The production capacity of the project is 1.8 million tonnes per year, and production is expected to start within 18 to 24 months of obtaining the necessary approvals.
The project will create 6,500 jobs, including 2,000 direct jobs and 4,500 indirect ones. It will also produce flat steel products in dimensions that have never been produced locally before, such as thick steel plates, hot-rolled steel coils, steel slabs, and laminated and tin-coated steel coils.
The production of the project will serve various sectors such as bridge and metal facility construction, express trains, metro, monorail, electric cars, electrical transformers, ultra-corrosion-resistant steel products, shipbuilding industry, gas tanks, renewable energy components, and household appliances.
