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FINANCIAL NEWS
Egypt gives ArcelorMittal deadline for steel plant construction
10 Jun 2010
(MENAFN) Egypt’s Industrial Development Authority has given the world’s largest steel maker, ArcelorMittal, an August deadline to commence construction work on a steel plant or lose it would lose the license, Reuters reported.
In 2008, ArcelorMittal was granted a license for a $340 million plant to produce 1.6 million tons of steel using DRI technology and another 1.6 million tons of billets.
An official at the Industrial Development Authority said that the watchdog is following regulations, which revokes the license from any firm that violates the rules or breaches the deadline.
The Luxembourg-based company would have to show its commitment by starting construction work to retain the license, said the official, noting that ArcelorMittal, which has about 8 percent of the global market, has not started building the Egyptian project.
Steel rebar demand had remained relatively resilient in Egypt because of the need for housing and government infrastructure spending, analysts have said. The site of the plant, which was supposed to start production last year, is near the Red Sea.
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