El Marakby Steel Group plans to launch a plan to rely on clean energy in production to reduce carbon emissions, with an investment of $5 million over the next three years.
Hassan El Marakby, President of El Marakby Steel Group, explained that his group's green industry and sustainability strategy is based on the addition of new lines for the recycling of scrap waste in the coming period, as well as the establishment of a solar power plant, taking advantage of great advantages.
In his statements to Al-Mal, Al-Marakby explained that this trend has become necessary at the current stage in conjunction with the global quest to reduce carbon emissions.
He stressed that importers in several European markets have set specifications for green production and emissions reductions that must be met by products entering their markets, and prioritize industries that meet these requirements.
He stated that Marakby Steel's exports in total production were recorded at the rate of 40% this year and it is aimed to increase to 60% by the end of 2023.
He explained that in the light of current data and changes, the most important goal behind the pursuit of increasing exports, which will be used in financing the import of raw materials required for production, is to maximize foreign exchange revenues.
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