Ezz Steel, a leading steel producer in the Middle East, is eyeing exports ranging between USD 500 mn and USD 700 mn in 2017, Invest-Gate reports.
Ezz Steel Marketing Director George Matta reveals the plan during the third day of the Egypt Builders Conference which was held in Cairo last week.
“Our exports for last year hit USD 250 mn and we are targeting exports of USD 500 mn and USD 700 mn in 2017,” Matta says.
Matta adds that investments in Egypt’s steel sector exceed 100 mn EGP while production totals 6.11 mn tonnes per year.
The demand on steel in the Egyptian market, Matta highlights, is estimated at 8.7 mln tonnes per year, 1.7 mln ton of which is imported. He notes that such figures show that the local production is contributing with 7 million tonnes to the market, and there is a surplus of 4.8 million tonnes.