Recently, the chairman of the Egyptian Iron and Steel Company Ahmed Abou Hashima introduced that the Egyptian Iron and Steel Company will build two new steel mills before mid-2016 in order to increase production capacity to 3.5 million tons and expand its market share in Egypt.

In addition to the steel mills in Alexandria port and Port Said, the company plans to invest 3.5 billion Egyptian pounds (USD 460 million) to build a steel mill with annual output of 1.3 million tons in Beni Sweif July or August this year. Meanwhile, Abou Hashima said the company hopes mills in Ain Sukhna can be put into production before mid of 2016.

"We hope that after all the steel mills put into production, our products can accounted for 20% to 25% of the Egyptian domestic market share." Egyptian Iron and Steel Company said. It is reported that the company holds 10% of the Egyptian steel market share now, while the Egyptian market has a strong demand for steel.

Egyptian Iron and Steel Company plans to expand production capacity to reflect their optimism for economic recovery after years of turmoil and growing. At present, the annual production capacity is 800,000 tons.

                                                                                                                        XINSTEEL NEWS