Ezz Steel says DRI plant to be completed in 2014

Source：AME Info FZ LLC Release Date：2013-04-23 184

Metalworking

Egypt-based Ezz Steel, has said a new sponge iron factory is expected to boost its profit in 2014 as it would cut by US$50 to US$100 the cost of each tonne of iron it produces, Reuters has reported.

We are working on increasing the firm's profitability from each tonne of steel, said Ezz Steel investor relations manager, Kamel Galal. The country's largest steel producer has completed 80% of the construction of the new DRI factory, at Sokhna Port near Suez, but has asked banks for additional funding after costs rose to EGP3.5bn from EGP2.7bn, Galal said. "We are renegotiating now with banks led by the National Bank of Egypt to help in the financing after a rise in interest rates and the exchange rate of the dollar increased costs," he said. "We are at the end of negotiations and close to signing with banks to increase the loan to EGP2.6bn from EGP2.2 billion."Air Jordans