Port Said National Company for Steel, Minya's IIC for Steel Plants Management, 6 October's Al-Marakbi and Assiut’s Al-Wataniya have all been awarded new steel licenses, Egypt’s Industrial Development Authority (IDA) announced this week.
In a statement issued by the association on Tuesday, IDA President Amru Asal said that the four firms' respective production capacities would be determined in coming days in accordance with mandatory requirements, on the condition that the IDA committee’s decisions were presented to the IDA’s administrative council for approval by 5 January.
Asal added that a total of nine companies had applied for the licenses, and that two companies–Nahda Lisinaat al-Madiniya and Al-Ahram Steel–had failed to meet the minimal requirements for licensing. Three other companies, meanwhile–Girahy, Bisha and Rashid–have all previously obtained licenses and are therefore eligible for license renewals at a later stage, as long as the necessary quantities of gas were provided.
Asal went on to point out that companies with operations in Upper Egypt would receive fifty percent of overall production capacity. The IDA had previously awarded licenses authorizing production of up to two million tons of steel rebars and one million tons of steel plating, in accordance with technical and financial qualifications.
The new licenses are expected to create 6000 new employment opportunities and attract an estimated LE2 billion worth of investment.
Translated from the Arabic Edition.
