Wednesday, February 06, 2008

ArcelorMittal confirms it bid 60 mln usd for Egypt steel plant licence

ArcelorMittal confirmed it bid around 60 mln usd to win the licence to build a new steel plant in Egypt, a deal announced yesterday by Egyptian officials.

The official MENA news agency in Egypt yesterday reported quoted Industrial Development Authority chairman Amr Assal as saying investment in the project will total 1 bln usd.

In its statement today, ArcelorMittal made no reference to total investment.

It said construction of the plant, which will be located close to the Northern Red Sea coast, is expected to start in 2009.

Under the terms of the license, the plant will produce 1.6 million tons of steel using DRI technology, and 1.4 mln tons of billets through the Electric Arc Furnace Route.

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