Egypt targets LE620M- revenues from offering licenses for iron, cement

CAIRO – 22 April 2020: Egypt targets revenues of LE 620 million ($36.5 million) from offering new licenses for iron and cement production during fiscal year of 2020/2021, according to the state’s budget plan for 2020/2021.

The cement sector in Egypt is witnessing a severe recession amid a large surplus in production, and companies are searching for how to discharge it, which threatens the industry and led to the closure of some factories, according to Reuters.

In the same vein, the iron sector is witnessing a conflict between the pallet producers and the small rolling factories that depend on imports due to the preventive fees imposed by the country at the end of last year on some imports of iron and steel products.

Pharos Holding said earlier that total sales volume (domestic and export) decreased by 0.8 percent on a year on year basis, to 49.8 million tons in fiscal year 2019. It added that domestic consumption dipped by 3.5 percent on an annual basis, to about 48.7 million tons.

Egypt's production of reinforcing steel is between 7 million and 7.5 million tons annually.