Global is considering building a steel plant in Egypt at an investment of $590
million. Steel demand in the Middle East is forecast to grow by 9.1 per cent this
year and a further 8.4 per cent in 2008, bringing the region''s overall demand
in 2008 to 43.6 million tonnes.
is the Arab world''s most populous country. From an importer of 2 million tonnes
of steel per year less than a decade ago, Egyptian government data showed last
year that the country produced 4.3 million tonnes and exported 900,000 tonnes.
Even Tata Steel
Ltd, the largest Indian steel maker, is examining the possibility of building
a steel plant in Egypt at an estimated cost of up to $900 million. Tata Steel''s
proposed plant would be its second venture in Africa after its ferrochrome unit
in South Africa, currently under construction.
International Iron & Steel Institute (IISI) said Egypt''s crude steel output
stood at 6 million tonnes in 2006 and that
Essar Group had also announced plans to set up three steel plants in the Middle
East, including a joint venture to build a 1.5-million tonnes
a year plant in Iran.
Mumbai-based diversified Essar Group, promoted by the Ruia brothers Shashi and
Ravi, has a presence in steel, telecommunications, oil and refining and construction.