Russia-based Metprom Group announced its intention to establish two steel projects in Egypt for a total investment of €210 million (US $239 million).
According to Egypt’s Minister of Trade and Industry Amr Nassar, the first €60 million (US $68 million) project will establish a 150,000 mt annual capacity rolling mill to produce rebar and wire in the Russian industrial zone in Egypt.
The second €150 million (US $170 million) project will refurbish the iron and steel complex in Helwan to increase its production capacity to 500,000 mt of billets annually.
Stel Lomachenko, Chairman of the Metprom, noted the group’s eagerness to expand into the Egyptian market due to strong growth and investment opportunities. He and Nassar also noted opportunities to access the markets in Libya, Syria, and Iraq to support reconstruction projects.
Metprom was established in 1992 and has extensive experience in the field of metal industries, especially in the sectors of engineering construction and the supply of machines and equipment to produce iron and steel, construction, and project management via its 15 affiliated companies.