Mahmoud Mohieddin, Egyptian minister of investment, said that over $180 million will be invested to restructure the state-owned Egyptian Iron & Steel in order to meet the growth in the Real Estate Industry.
The funds will establish a new oxygen production station and a new steel rebar production line in the Beni Khaled district of northern Egypt, as well as the acquisition of new equipment, including four hydraulic cranes. Established in 1954, Egyptian Iron & Steel is involved in the manufacturing of iron and steel products.
Source: Al Wafd daily reported Wednesday
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