Minister of Trade and Industry Tarek Kabil inaugurated Saturday el Jiyoushi steel factory in 6 October city with a production capacity of 240،000 tons of steel annually.
The Minister added that the factory’s investments worth EGP 500 million، while EGP 250 million will be pumped to establish a new production line in the coming months، with a production capacity of 360،000 tons of steel to reach an overall production capacity of 600،000 tons of steel.
In press statements during the inauguration، Kabil underlined that the inauguration of the factory is considered to be a strong addition to Egypt's steel production to meet the local market's needs. He added that the consumption of reinforcing rebar reached 7.2 million tons in 2017، while the actual production amounted to about 7 million tons، which is expected to rise to 9 million Ton in 2020. He added that this confirms the need to establish new production lines to bridge the gap and meet the needs of the domestic market، as well as directing part of the production to export.
He underscored his ministry's keenness to develop the manufacture of steel، as it is considered to be a strategic industry to Egypt.