It is reported that the Egyptian steelmaker Suez Steel has started the test run of its new reinforcing steel rolling mill with an annual production capacity of 550,000 mt of long products.
The construction of the new reinforcing steel rolling mill, located in Attaqa industrial zone in Suez, amounted to EGP 620 million (about $113 million), and is expected to provide 500 new jobs. The mill's production will be directed to the Egyptian domestic market, which sees a strong demand for reinforcing steel products.
The new rolling mill is part of the Suez Steel's comprehensive developments plan, which includes also the construction of a new direct reduction mill with an annual capacity of 1.95 million mt, expected to start production in 2011, and the construction of a new steel billets mill with a capacity of 2.06 million mt, which will also come on stream in 2011. The total cost of the company's expansion project will amount to EGP 6 billion (approx. $1.1 billion).
Suez Steel started its operations in 2000, and has an annual production capacity of 600,000 mt of steel billets.