The cost of the proposed project is US$4 billion
The Egyptian government is studying the Italian group Danieli's proposal to create an integrated industrial steel complex worth US$4 billion. This was reported by BNN.
The issue was discussed at a recent meeting of the Egyptian government. The proposal presented by Danieli includes the creation of facilities for the production of sponge iron, seamless steel tubes and flat products. This could create around 17,000 direct and indirect jobs, which would represent a significant boost to the Egyptian economy.
The project aims to localize the local steel industry through the use of international experience and export steel products to global markets, especially European ones.
The project's focus on green hydrogen is in line with Egypt's broader strategy of attracting $2 to $3 billion in investment to establish a green hydrogen factory. This step is part of the country's commitment to implementing clean technologies and promoting environmental sustainability.
As Compraço previously reported, in September it was reported that Egypt plans to build an integrated steel plant. Investments in the project are estimated at US$ 1 billion. The plant's capacity will be around 1.8 million tons of flat products per year. The products will be sold mainly to the foreign market, also serving the domestic market.
The project was approved by the General Authority of the Suez Canal Economic Zone and was planned to be built in cooperation with an undisclosed international company.
