Egypt's steel sector displays resilience amid economic challenges

In the face of economic adversity, Egypt's steel industry has exhibited remarkable resilience, managing to boost its crude steel production by 2% to reach 5.6 million tons during the first seven months of 2023. This growth is attributed to mills focusing on expanding their presence in overseas markets due to local currency depreciation.

Notably, Direct Reduced Iron (DRI) production, primarily handled by large integrated mills, surged by 16.5% year-on-year, reaching 4 million tons during the same period. In July, the positive trend continued with crude steel production rising by 20.8% year-on-year to 855,016 tons, and DRI output impressively increasing by 55% year-on-year to 635,689 tonnes, marking a 7% month-on-month gain.