meeting of the Egyptian Cabinet chaired by
Prime Minister Mostafa Madbouly. Image source: Egypt's Cabinet
Egypt's government is studying a proposal
by Italy's Danieli Group to establish a USD-4-billion (EUR 3.7bn) integrated
industrial complex for iron and steel production and a plan to attract
investors to set up a green hydrogen plant worth between USD 2 billion and USD
3 billion.
The proposal was discussed at a meeting of
the Egyptian Cabinet on Tuesday evening chaired by prime minister Mostafa
Madbouly, according to a Cabinet statement.
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The project aims to localise the advanced
iron industry and export iron and steel products to the global markets,
especially Europe. The proposal submitted by the company includes establishing
facilities specialised in the production of sponge iron, seamless steel pipes,
and flat steel. It has the potential to create about 17,000 direct and indirect
jobs.
The importance of producing sponge iron as
an input and the use of green hydrogen as a clean technology were emphasised
during the discussion.
Based in Buttrio, north-east Italy, Danieli
Group supplies equipment to the metal industry with a focus on steel plants in
the long products segment.