Egyptian Steel signed Wednesday a $ 210 million agreement with Daneili SpA (DANR), an Italian company specialised in supplying plants and equipment to the steel industry, to supply production lines for Egyptians Steel’s new plant in Ain el-Soukhna.
Prime Minister Hesham Qandil witnessed the agreement signing ceremony between Ahmed Abou Hashema, Chairman of Egyptian Steel, with his Italian counterpart, Egyptian cabinet reported in a press release Wednesday.
The project is to start in three months and the plant will start steel bars production after 17 month, creating up to 20,000 jobs, according to the Egyptian cabinet press release.
On 13 March, Egyptian Steel and DANR signed an agreement to establish the largest industrial complex in the Middle East and North Africa region for the production of re-bars and billet in Beni Suef in Upper Egypt. The two companies also signed a deal to revamp the Alexandria steel plant.
Minister of investment Ossama Saleh said the Egyptian economy is showing promise, indicating that there would be more investment opportunities to come, Egyptian press reported Saleh as saying after the agreement signing ceremony.
Egyptian steel was founded in 2010 by Ahmed Abou Hashima and co-founded by Shiekh Mohamed Abou Suhaim Al Thani, a Qatari investor. The company has grown rapidly, despite the short period since its establishment.