According to the Italian news agency AGI, Kenyan steel company Devki plans to build a new steel plant with an annual capacity of one million metric tons in the region of Taita, Kenya.
Raval Guru, president of Devki, stated that the project worth €274 million - financed by Standard Chartered Bank - will consist of three stages to be completed by 2014. With regard to raw material supplies for steel production, 60 percent of iron ore needs will be imported from South Africa, while the remaining 40 percent will be bought locally.
"Once operating at full capacity, the new mill will be able to meet the steel needs of the whole of East Africa, and imports will not be necessary anymore," said Mr. Guru. Currently, Devki's annual steel production capacity stands at 250,000 metric tons.