Germany’s SMS Group plans €1B DRI plant in Egypt
Updated 11/28/2024 3:33:00 PM
Arab Finance: The German company SMS Group is planning to build a direct reduced iron (DRI) plant in Egypt, according to a statement.
The project is set to be carried out with an annual production capacity of 2.5 million tons and an investment of over €1 billion.
It is also expected to create around 1,000 job opportunities.
The plant’s capacity may expand to 4 million tons annually in the future.
The plan was discussed during a meeting between the Egyptian Minister of Investment and Foreign Trade Hassan El-Khatib and representatives of SMS Group during the minister’s current visit to Germany.
The meeting also tackled the possibility of establishing the project within the Suez Canal Economic Zone, with El-Khatib offering strategic advantages for operations.
Both parties agreed to hold a meeting in Egypt over the coming period to identify a local partner for the project.
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