El Marakby Steel Group intends to start a plan to rely on clean energy in manufacturing to reduce carbon emissions, with investments of $5 million, during the next three years.

Eng. Hassan Al-Marakibi, Chairman of the Board of Directors of El Marakby Steel Group, revealed that his group’s strategy regarding green industry and sustainability is based in the coming period on adding new lines for recycling scrap waste, as well as establishing a solar power plant, taking advantage of the large area of the affiliated factories.

El Marakby explained, in statements to Al-Mal, that this trend has become necessary during the current stage, in conjunction with the global endeavor to reduce carbon emissions.

He stressed that importers in several European markets set specifications for green manufacturing and reducing emissions, which must be available in the products that enter their markets, and give priority to industries that comply with these requirements.

He pointed out that the percentage of “El Marakby Steel” exports of the total production recorded 40% during the current year, and it is intended to increase it to 60% by the end of 2023.

He explained that maximizing foreign exchange earnings is a primary goal behind seeking to increase exports, to be used to finance the import of raw materials needed for production, in light of the current changes and data.