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Arab Steel Summit

Egypt

The Chinese company Shenfeng is establishing a factory for iron products in Egypt for $300 million

The General Authority for the Suez Canal Economic Zone in Egypt signed a contract granting a usufruct right for a land with an area of 750,000 square metres, to the Chinese company “WU’AN Million dollars. The authority said in an issued statement that the project provides 1,200 job opportunities, aims to export 70% of its …

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Ezz Steel turns to losses and incurs 716.53 million pounds during 2023 due to currency differences

Ezz Steel Company explained in a statement to the Egyptian Stock Exchange that it achieved losses amounting to 716.530 million pounds during 2023, compared to profits amounting to 6.647 billion pounds during the comparative period of 2022, affected by its losses from currency differences amounting to 30.9 billion pounds. According to the company’s disclosure, taking …

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Egypt: 19.1 million pounds in iron and steel sales to mines during February 2024

The Iron and Steel Company for Mines and Quarries announced that it achieved total sales during the month of February of 19.086 million pounds. The company explained, in a statement to the Egyptian Stock Exchange today, that sales of Bahariya Oasis mines during December amounted to 19.08 million pounds. She added that the sales value …

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Egypt recalculates petroleum subsidies in the 2024-2025 budget

The Egyptian government intends to recalculate petroleum subsidies in the budget for the next fiscal year 2024-2025, after moving the prices of all categories of gasoline and diesel last night, according to statements by Egyptian Finance Minister Mohamed Maait. About 72 hours ago, the Egyptian Ministry of Finance revealed some indicators of the 2024-2025 budget, …

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Egypt’s steel imports decreased by 18% to $4.2 billion in 2023

Egypt’s imports of iron and steel declined by 17.8% during 2023, to record about $4.216 billion, compared to $5.133 billion during 2022, accounting for 5.1% of total Egyptian imports during this year. The data of the Central Agency for Public Mobilization and Statistics explained. 10 countries accounted for 83.5% of Egypt’s total iron and steel …

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Egypt considers establish an iron and steel complex worth $4 billion by Danieli

The Egyptian government is evaluating a proposal made by Italian plantmaker Danieli to build an integrated green iron and steel complex, entailing an investment of $4 billion, according to the statement released by the country’s cabinet of ministers. The government estimates that the proposed project could attract $2-3 billion worth of investments to create a …

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$35 billion UAE investment in Egypt to boost local steel demand in mid-term

Egypt has announced a large UAE-backed investment in Egypt for the development of a large stretch of the country’s Mediterranean coast, which is expected to benefit the country greatly. In the long run, Egypt is expected to receive additional funds from the increased inflow of tourists, apart from the creation of jobs and higher budget …

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World’s crude steel production declined by 1.6% in January 2024, and Arab countries increased

World crude steel production for the 71 countries reporting to the World Steel Association (worldsteel) was 148.1 million tonnes (Mt) in January 2024, a 1.6% decrease compared to January 2023. Crude steel production by region Area Jan 2024 (Mt) % change Jan 24/23 Jan-Jan 2024 (Mt) % change  24/23 Africa 2.0 16.3 2.0 16.3 Asia …

World’s crude steel production declined by 1.6% in January 2024, and Arab countries increased Read More »

Production and sales of rebar in Egypt declined and its prices rose

According to data collected from the Arab Iron and Steel Union, Egypt’s production of rebar in 2023 declined by 4.1% compared to production in 2022, reaching 8.045 million tons, as the first half of 2023 witnessed a decline of 19.6% compared to the same period in 2022, while the second half witnessed an improvement. By …

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Egypt: “Algioshy Steel” acquires “Arabian Steel Industries”

The Egyptian Algioshy Steel Group announced the completion of its acquisition of the Arabian Steel Industries Company, which is headquartered in the Suez Canal Economic Zone in Ain Sokhna. Algioshy Group said in a statement that a new board of directors for Arabian Steel Company is scheduled to be formed within days, headed by Tarek …

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Egypt: Iron and Steel Mines targets 447.9 million pounds in profits during 2024-2025

The Board of Directors of the Iron and Steel Company for Mines and Quarries approved the estimated budget for the next fiscal year 2024-2025. The company said in a statement to the Egyptian Stock Exchange. It aims to achieve a net profit after taxes of about 447.9 million pounds during the next fiscal year. It …

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