Algioshy Steel plans to invest 500 million egy to add a new production line
Chairman of Algioshy Steel said his company plans to invest up to 500 million pounds ($ 27.9 million) to add a second production line for the reinforcing steel at its plant in the 6 October city by the end of 2019.
Tarek Algioshy told Reuters in an interview in Cairo that the company plans to build an billet steel plant, but has not set a date yet to begin.
Algioshy Steel Company started the actual production of rebar from its current plant in January 2017 with a capacity of about 180,000 tons / year.
“We currently produce 180,000 tons / year and there is a second production line that we are working on adding to the production of 500,000 tons / year by the end of 2019 with investments of 500 million Egy. by self-financing.
“We do not have any bank financing because the benefits are too high. We plan to build a pallet factory to deepen our industry, but the timing is dependent on financing methods.”
The central bank raised interest rates more than once after the liberalization of the exchange rate at the end of 2016.
Egypt’s rebar production is between 7 – 7.5 million tons / year.