CAIRO – 27 February 2024: In a meeting convened by Prime Minister, Mostafa Madbouly, the Cabinet reviewed the proposal put forth by the Italian company Danieli to establish a comprehensive industrial complex for the production of iron and steel goods in Egypt with an investment worth $4 billion.
The primary objective of this project is to attract investors who would contribute to the establishment of a green hydrogen production plant, requiring investments ranging from $2 to $3 billion. These details were outlined by Mohamed El Hommosani, the Egyptian Cabinet’s Spokesperson.
The integrated industrial complex, dedicated to the production of environmentally friendly iron and steel, aims to promote the development of advanced iron manufacturing within Egypt.
This will be achieved by leveraging international expertise and facilitating the exportation of iron and steel products to various global markets, with special emphasis on Europe.
The proposal presented by the company encompasses the establishment of factories specializing in sponge iron, seamless steel pipes, and flat steel.
Furthermore, their plans include the creation of an international training center in Egypt, designed to provide training to engineers and technicians from around the world for their global projects.
Additionally, the company intends to collaborate with the Ministry of Public Business Sector and the Ministry of Petroleum and Mineral Resources to enhance the local contribution to steel products, particularly through the development of Egyptian crude mines.
During the meeting, the proposal's contents were thoroughly discussed, with a specific focus on assessing the demands of the European market in order to estimate the volume of exports that would be generated by the project.
Comments
Leave a Comment