Steel producer Wu 'an Xin Feng announced that it has signed a $297 million deal with SCZONE (Suez Canal Economic Zone) to build a hot-rolled coil plant. It is reported that Egypt signed this electric arc furnace plant agreement to support the progress and growth of the North African steel sector.
According to the company, the planned hot rolled coil plant will be the second plant in Egypt, along with the existing plant owned by Ezz Steel, one of Egypt's leading steel producers. The companies plan to export 70% of the new plant's production, while the facility is expected to create 1,200 jobs. As part of this agreement, Wu'an Xin Feng will be granted a 750,000 square meter land area, while the project will also continue to work on the production of automobile engine blocks.
President of SCZONE, Walid Jamal El-Din, announced that the investments between them and China have reached 127 projects worth 2 billion dollars. During 2023/2024, three project contracts involving Chinese companies were signed in Qantara West Industrial Zone. Additionally, SCZONE said that in November 2023, construction agreements worth $15.6 billion were signed with Chinese investors for 11 production and green hydrogen projects.
Sources underlined that the Egyptian Cabinet plans to invest $1 billion to build a flat steel complex with an annual capacity of 1.8 million metric tons.
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