Tuesday, 16 Aug 2011
Ahram Online reported that the Industrial Development Authority will grant 5 new steel plant licenses within the coming 3 months to meet requests from several steel producers in Egypt for capacity extension.
As per report, only currently established companies would be eligible to bid for the licenses indicating that no new players are expected to enter the market.
Mr Ismail Al Nagdy head of IDA said that the energy required for these licenses is already available.
In July, Egypt's cabinet granted four companies licenses for steel plants in the country as the government seeks to boost production and lower imports of supplies for the construction industry. The companies won the licenses in December but were later given an extension to make the required payments. The 4 firms are Port Said National Company for Steel, IIC for Steel Plants Management, Al Marakbi and Al Wataniya.
(sourced AHRAM)
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