Cairo: Deputy Prime Minister and Minister of Industry Kamel El-Wazir met with Shin Feng Steel CEO Malu Chang to discuss a $10 billion integrated industrial steel complex in Egypt. The project is set to produce 10 million tons of automotive and industrial steel annually on a 10 million m² site, encompassing hot and cold rolling, galvanizing, and advanced steel processing lines.

According to State Information Service Egypt, the complex will support various sectors such as automotive, energy, infrastructure, and engineering industries. It is expected to create 15,000 direct jobs and 85,000 indirect jobs, while also transferring modern technology to Egyptian workers.

El-Wazir emphasized the importance of relying on local iron ore and renewable energy for the project. This aligns with Egypt's strategy to localize automotive components, reduce imports, and boost exports. The project is also seen as a means to strengthen the country's industrial base and enhance its competitiveness both regionally and globally.