Cairo:Minister of Investment and Foreign Trade Mohamed Farid and Minister of Industry Khaled Hashem engaged in discussions with representatives from integrated and semi-integrated steel plants, as well as rolling mills, to tackle challenges facing the steel market. The discussions focused on ensuring the availability of steel billet in required quantities, meeting technical specifications, and maintaining reasonable prices to support domestic market stability and production continuity.
According to State Information Service Egypt, the ministers highlighted the significance of integration across various stages of the iron and steel industry, emphasizing the protection of existing investments and enhancing domestic production capabilities. They also discussed the importance of deepening local manufacturing and reducing import reliance.
A permanent committee has been established to monitor market conditions, comprising representatives from the ministries of industry, investment and foreign trade, supply and internal trade, and the Egyptian Competition Authority. This committee will evaluate market developments, steel billet availability, and supply chain regularity.
Khaled Hashem noted that the iron and steel industry is a strategic sector under his ministry's 2030 strategy, crucial for supporting key industries. He mentioned that new licenses for billet production have been offered with favorable pricing and payment terms to foster expansion in melting and manufacturing activities, thereby increasing added value. He urged companies with new licenses to expedite production and operation processes to contribute to local industry growth and reduce billet imports.
Mohamed Farid assured continuous monitoring of the billet market to ensure sufficient supply that meets technical specifications at competitive prices. He emphasized the importance of reviewing companies' complaints and observations using actual data, supporting documents, and on-site verification findings. Farid underlined the necessity of ensuring billet availability for production in accordance with industrial licenses to maintain supply chain regularity and factory operations.
The ministers reiterated the government's dedication to balancing the interests of integrated and semi-integrated steel producers and rolling mills, while enhancing the competitiveness of Egypt's iron and steel industry in the face of global challenges, including potential European Union restrictions on scrap exports.