Egyptian steel production to increase strongly by 2017   Leave a comment

24 December 2010 24-12-2010 – EGYPT, TURKEY Source : Reuters

A boom in construction and infrastructure spending will help drive an estimated 36 percent increase in Egypt’s production of reinforcing steel by 2017: the country’s output of reinforcing steel, known as rebar and used in the construction industry, will reach 15 million tonnes per year by 2017, up from about 11 million tonnes in 2011 according to Mohamed Sayed Hanafy, general manager of the Chamber of Metallurgical Industries.
According to Reuters, ‘[…] there is a very big shortage in property units in Egypt. The country needs to build some 1 million units per year for 10 to 15 years to meet that rising demand,” Hanafy said.
Demand for new housing in the Arab world’s most populous nation has kept its construction sector strong despite the global economic downturn, making Egypt a major market for steel exports, mainly from Turkey.
Egypt’s large and growing middle class, seeking new homes before marriage, would be a boost for steel firms and property developers for about two decades,

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Posted December 30, 2010 by newworldconsulting in Uncategorized

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