Ashry Steel Group is set to invest more than EUR 600 mln (USD 685 mln) in a new seamless stainless steel pipe factory, following the recent approval of its production license and formal accreditation from the Egyptian government, Chairman Ayman El Ashry said, according to a local news report.
The plant, which will have an initial annual capacity of 250,000 tons, is expected to be up and running within two years. Preparations will begin after the Eid Al Adha holiday, with site visits planned ahead of signing contracts for production lines and breaking ground on the facility.
Established in 1983, Ashry Steel is one of Egypt’s leading steel manufacturers, producing rebar, merchant bars, and ERW welded tubes with a total capacity of 2 mln tons annually. The company also operates a steel service center specializing in flat steel products.
1 USD / 0.87 EUR