Egypt’s Suez Canal Economic Zone (SCZone) got an offer from two Chinese companies to build a US$300 million steel complex, according to local media reports.
The project will be implemented through a partnership between Cheng Feng Iron Production and Sinoma CDI companies.
The Chinese companies submitted a proposal to build the steel complex and which will be launched in two phases to meet local steel demand.
According to Fitch Solutions, Egypt is the largest steel producer in Africa and the 2nd in the Middle East and North Africa.
The SCZone is studying the $300 million investment offer that will secure 1,200 job opportunities with an area of 750,000 square meters.
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