The Egyptian government has announced that China-based Xinxing Ductile Iron Pipe Company will invest $2 billion to build a cast iron pipe and steel production plant in the Suez Canal Economic Zone.
The plant will have an annual production capacity of 250,000 mt in the first phase and two million mt in the second phase, and is expected to create over 2,000 jobs. The finished products from the plant will be allocated for exports, SteelOrbis understands.
The aim of the project is to make Egypt a hub for cast iron pipe production and boost foreign investments in the country.