VenturesNow

Egypt to build $1bn flat steel integrated industrial complex

Published

1 year ago

September 13, 2023

The Egyptian government has announced plans to establish an integrated industrial compound to produce flat steel.

The investments according to a statement on Wednesday by the cabinet are worth $1 billion and will complement industrial reforms in the mining and drilling sector through which President El Sisi intends to reform the economy.

The complex would target international exports while also serving the local market with a flat steel manufacturing capacity of 1.8 million metric tonnes annually.

The project will be built in collaboration with an international firm, according to the cabinet, which did not specify which company. It has received approval from the General Authority for Suez Canal Economic Zone.

Already, Egypt is home to some of the continent’s biggest steel companies. Some major steel producers in Egypt are Al Ezz Steel Rebars S.A., which owns and operates the Al Ezz El-Dekheila Steel Co. plant in Alexandria and has the capacity to produce 6 million metric tons per year; Suez Steel Co. (Solb Misr), with the capacity to produce 2 Mt/yr of steel at its plant in Ain Al-Sokhna; Beshay Steel Group, which has the capacity to produce 3.0 Mt/yr of steel at its plant in Sadat City; and the Egyptian Steel Group, which has the capacity to produce 830,000 t/yr of steel at its plant in Ain Al-Sokhna, among other producers.

Mining and steel production are part of Egypt’s main earning sources. According to reports, GDP contribution from Mining in Egypt increased to 121359.30 EGP Million in the third quarter of 2022 from 103335.20 EGP Million in the second quarter of 2022.

Egypt’s economy is challenged, as its official data agency, CAPMAS on Sunday revealed that the country’s headline inflation, driven by the basket of goods that comprise the consumer price index, rose higher than expected to hit 37.4% in August from 36.5% in July.

Related Topics:Egypt Featured Mining Steel

Click to comment

VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”