During the opening ceremony of the Arab Steel Summit held in Dubai on October 26-28,
Ezz Steel marketing director George Matta said he believes that both
Ezz Steel and
Egypt have come through the worst times and that the country is on the road to recovery and improvement.
Matta stated that
Ezz Steel will increase its current total production capacity of 6.9 million mt per year (4.7 million mt of long products and 2.2 million mt of flat products) to 11.4 million mt per year by 2018. Matta also remarked that the construction industry accounts for 71 percent of total steel consumption in
Egypt.
The
Ezz Steel official went on to say that political stability is key to the economic growth, pointing out that the Egyptian government expects GDP growth rates of 3.8 percent, 4.5 percent and seven percent for 2014, 2015 and 2018 respectively.