Mostafa Madbouly, Prime Minister of Egypt, said that Egypt will cooperate with an unnamed international company to invest US$1 billion in an integrated industrial complex for flat steel production, covering an area of 1.5 million square meters.

The complex will have a flat steel production capacity of 1.8 million tons per year. It will not only serve the local customers but also the global market.

The project has been approved by the General Authority for the Suez Canal Economic Zone (SCZone). The production is scheduled to begin after 18-24 months after getting approvals. 6,500 job vacancies will be created by the project.