Egypt eyes issuing licenses for rebar, flat steel production in 2024

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The Russian metallurgical firm Novostal-M Holding is planning to pump initial investments ranging between $400 and $500 million

Staff Writer, Arab Finance

August 27, 2023

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The Egyptian government is considering issuing licenses to investors for the production of rebar and flat steel in the coming year for the first time since 2021, two government sources told Asharq Business on August 27th.

The Russian metallurgical firm Novostal-M Holding is planning to pump initial investments ranging between $400 and $500 million to set up a steel factory in Egypt, one source said.

The government is open to resume the issuance of iron production licenses, especially to foreign investors who run mega projects, in an attempt to alleviate the foreign currency shortage and shore up local manufacturing, the other source noted.

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