Egypt plans to establish an integrated industrial compound to produce flat steel with investments worth $1 billion, the cabinet said in a statement on Wednesday.

The project, which aims to produce 1.8 million metric tons of flat steel, has been approved by the General Authority for Suez Canal Economic Zone and will be established in cooperation with an international company, the cabinet said, without identifying the company. (Reporting by Momen Saeed Atallah, writing by Nayera Abdallah; editing by Jason Neely)