Ezz Steel's investments soar to $5.9B as exports target $1.75B in 2024

CAIRO - 11 January 2024: The total investments in the Ezz Steel complexes in Sokhna, Dekheila, and Sadat City amounted to approximately $5.9 billion, the Business Development Manager of the Ezz Steel Group, Afaf Ezz, stated.

 

She added Thursday that the company achieved exports totaling around $1.5 billion in 2023, and it is expected that the company's exports will reach $1.75 billion by the end of 2024. The company exports its products to 35 countries, including Spain, Italy, the United States, Turkey, and others.

 

Ezz explained that the company's total steel production last year reached about 6.2 million tons, including 2.8 million tons of long steel reinforcement, 2.3 million tons of hot-rolled flat steel, and 800 thousand tons of steel wire coils, according to a statement from the Egyptian Cabinet.

 

She noted that the total workforce in the company is about 10 thousand people, with approximately half of them being engineers and technicians.

 

Additionally, she affirmed that the company is committed to using clean energy, supporting exports to Europe. The company utilizes direct reduced iron technology using natural gas and electrical energy in the smelting furnaces.

 

These statements were made during a tour conducted by the Prime Minister of Egypt, Mostafa Madbouli, to several industrial projects in the Suez Canal Economic Zone. During the visit, he inspected the second phase of the company's projects specializing in heavy industries and received a presentation on the group's development activities. The Prime Minister also visited the new smelting furnace area.

 

Afaf Ezz highlighted that the new smelting furnace was commissioned with an investment cost of approximately LE 5 billion. 

 

The Ministry of Electricity and Renewable Energy approved the company's request to provide electrical energy with a capacity of 200 megawatts in a record time of just one month.

 

She pointed out that the new furnace added a production capacity of about 1.6 million tons of liquid steel annually, fully utilized to increase export operations. It also produces 2.3 million tons of hot-rolled flat steel used in various industries such as home appliances, automotive components, shipbuilding, containers, gas cylinders, metal structures, water and gas pipes, and gas and petroleum tanks.