Egypt - Ezz Steel - Ezzsteel signs EGP1.8 bn contract to fund DRI plant with two Egyptian banks

06/09/2010

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<= Turkey - World - Turkish steel export value in July drops by 18pct MoM <= Egypt - Ezz Steel - Ezzsteel: Rebar price increase by US$62 per ton as of September 2010 <= Bahrain - Sulb national company - Phase I of "SULB" iron & steel complex is underway <= China - China Federation of logistics & Purchasing - Steel inventory down to 81 million tonnes <= Iraq - Mass Global Investment - New one million tpy steel plant to be built

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Ezzsteel signs EGP1.8 bn contract to fund DRI plant with two Egyptian banks

Last Update: 28/01/2010 13:43:58
ArabSteel - ESRS have signed EGP1.8 bn (approximately $350 m) contract with National Bank of Egypt & Banque Misr to fund the construction of DRI plant with capacity reaching 1.9 mt/y. the plant shall be built in Ain Al-Sukhnah near Suez, Egypt, where the company's plants are located. Production in the new plant is expected to start during Q3, 2011.
The capacity of the new «Energiron» unit is considered the largest for any single-production-unit worldwide. It's also the first time that HYL technology, in addition to «Midrex», enters the Egyptian steel industry as one of two most widespread methods to produce DRI.
The new unit in Ezzsteel shall ramp up the company's DRI capacity to 4.9 mt/y, considering that the three existing units produced around 3 mt in 2009 according to company sources, which is the highest figure reached up till now.
According to the contract, the loan shall extend to 7 years, including a 3 years grace period.

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