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Thursday, 6 December 2018

AlGioshy Steel to invest EGP 500 mn in second steel rebar production line

INVESTMENT WATCH- AlGioshy Steel will invest EGP 500 mn to add a second production line at its steel rebar factory in Sixth of October by the end of 2019,CEO Tarek AlGioshy told Reuters on Wednesday, noting that it will not be financed by bank debt thanks to high interest rates. AlGioshy Steel started production of rebar back in January at its EGP 500 mn factory. The company also plans to build an iron ore plant, but has not yet set a date to begin.

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