Agreement signed to build Italian steel factory in SCZone

CAIRO – 17 August 2017: Italian giant steel manufacturer, Danieli, will build an iron and steel factory in the Suez Canal Economic Zone (SCZone) in Ain Sokhna.

Chairman of SCZone, Mohab Mamesh, signed a memorandum of understanding (MoU) agreement Thursday with Danieli’s CEO Gianpietro Benedetti, a statement from the Suez Canal Authority (SCA) reported.

Planned to be built on a land plot owned by Suez Steel Company, the steel factory will work at a production capacity of 1.2 million tons of steel rebar and coils.

The SCZone is keen on concluding all paper procedures before 2017-end, Mamesh said.

Under the terms of the MoU, the factory will be built on the turnkey basis, while the SCA will obtain needed licenses for construction, power connection, gas supplying, sanitation and operation.

Several projects in SCZone were signed in August. An agreement to build a factory for Egyptian Steel at a total investment of LE 5.5 billion ($309 million) was signed early August.

Prime Minister Sherif Ismail also witnessed the signing of six agreements on a total area of 16.2 million square meters in the SCZone.