The cost of the proposed project is $4 billion

The Egyptian government is studying the proposal of the Italian Danieli Group to create an integrated industrial steel complex worth $4 billion. This was reported by BNN.

The issue was discussed at a recent meeting of the Egyptian government. The proposal submitted by Danieli includes the creation of facilities for the production of sponge iron, seamless steel pipes and flat products. This could create about 17,000 direct and indirect jobs, which would be a significant boost to the Egyptian economy.

The project aims to localize the local steel industry through the use of international experience and to export steel products to global markets, especially European ones.

The project’s focus on green hydrogen is in line with Egypt’s broader strategy to attract $2-3 billion in investments to establish a green hydrogen plant. This step is part of the country’s commitment to implementing clean technologies and promoting environmental sustainability.

As GMK Center reported earlier, in September it was reported that Egypt plans to build an integrated flat steel mill. Investments in the project are estimated at $1 billion. The plant’s capacity will be about 1.8 million tons of flat products per year. The products will be sold primarily to export markets, while also serving the domestic market.

The project was approved by the General Authority of the Suez Canal Economic Zone and was planned to be built in cooperation with an undisclosed international company.