ArabFinance: Cairo-based Egyptian Steel is in talks with local banks to obtain EGP 2 billion worth of shariah-compliant funding, unnamed sources told Al Shorouk news website reported on July 25th.

The company aims to utilize the loan to increase its working capital and finance the expansion of its factories in Port Said and Ain Sokhna, the sources added.

Port Said's factory is built over a total area of 40,000 square meters with a total annual capacity of 350,000 tons of steel, according to the news website.

The 440,000-square-meter facility in Ain Sokhna is producing 550,000 of steel tons per annum, it added.

The company started production at its Ain Sokhna's steel factory in December.

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