Egypt-based flat steel re-roller Kandil Steel has been provided with $25 million financing to boost its flat steel processing operations, according to International Finance Corporation (IFC).
The financing will allow Kandil Steel to increase its production to 800,000 mt per year from 500,000 mt per year by the end of next year, as well as securing additional raw material to produce high quality steel products. Additionally, the company will use the financing provided by IFC to meet its increased capital needs and support its decarbonization efforts.
Being one of the largest re-rollers in North Africa and the Middle East, 40 percent of the company’s current production is diverted to exports. Kandil Steel’s production lines include pickling, cold rolling, annealing, galvanizing, color coating and manufacturing steel sheets.
