Egypt IDA grants steel plant licenses

The Industrial Development Authority (IDA) has granted five new steel plant licenses within the coming three months to meet requests from several steel producers in Egypt for capacity extension, according to Al-Mal newspaper.
I t was said that only currently established companies would be eligible to bid for the licenses, indicating that no new players are expected to enter the market. According to the IDA head, Ismail Al Nagdy, the energy required for these licences is already available.
In August, Egypt's Ezz Steel raised its steel rebar price by 3.1% to US$857.1 per tonne (LE4, 800) after keeping the price fixed at US$830.30 (LE4,650) in July and June.
Ezz Steel, the chief component of the Arab world's largest steel conglomerate, reported 2010 net profit of LE252 million (US$42 million), while net sales rose 32% and gross earnings increased 29%. Egyptian group Ezz Steel said its 2010 consolidated net profit almost tripled, buoyed by strong domestic demand for long products and the restart of a flat steel plant.Off White X Nike Design