Chinese ductile iron pipe company Xinxing, which plans to invest $2 million in steel mills located in the Suez Canal, stated that it has started operations in the industrial zone in Ain Sokhna port. The project, which is expected to have an annual turnover of more than $2.6 billion, is estimated to create more than 2,000 jobs.
Hong Kong-based CK Hutchinson Holding and China's shipping port company Cosco announced in March that they also invested in terminals in Alexandria ports.
The government has announced that China Energy has made an offer to invest in a green hydrogen production project in Egypt, which is currently facing foreign exchange shortages and economic pressure.
Likewise, Indian company Jindal Shadeed Group and Japanese steelmaker Nippon Steel have plans to invest in green steel production.
The project location of Nippon Steel, which aims to establish a plant for green steel production, may be Australia or Brazil.
The facility, where Jindal Shadeed Group plans to use green hydrogen and renewable energy, is expected to have a capacity of 5 million tons.
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