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Signing Contract Ceremony to establish an Egyptian Steel plant worth LE1.4 bn of investments

14 October, 2012
Egyptian Steel and Hassan Allam Sons companies signed a contract of establishing the new Egyptian Steel plant in Beni Suef for installation, electricity lines, water, gas and road works at a cost of LE220 million in the presence of the ministers of industry and investment.

“The volume of the plant investments reaches up to LE1.4 bn and it will provide more than 2500 direct job opportunities and 3000 indirect job opportunities,” Osama Saleh, Minister of Investment, said, pointing out that the plant production capacity reaches 500 thousand tons of rebar and 500 thousand tons of billet.

Osama Saleh, Minister of Industry, said, “Setting up a plant in this time assures the Egyptian economy initial recovery,” stating that more than 160 plants since the beginning of the current fiscal year have been proceeded. The plant is the first in Beni Suef to serve the people of Upper Egypt, Ahmed Abou Hashima, Chairman of Egyptian Steel added.