Egyptian steel producer Ashry Steel Group plans to invest more than EUR 600 million in the construction of a new stainless steel pipe factory. The company's chairman, Ayman El-Ashry, officially announced the project after obtaining production permits and official certification from the Egyptian government. 

The plant is expected to produce seamless stainless steel pipes with an initial annual production capacity of 250,000 tons and is projected to go into operation within two years.

This investment corresponds with Egypt's overall strategy to expand domestic steel production, reduce imports, and position the country as a major regional steel exporter.