Cairo: Egypt's Industrial Development Authority (IDA) has announced the issuance of eight new licenses for the production of continuous-cast billets, aiming to enhance the country's steel manufacturing capabilities. With a combined production capacity of 2.8 million tons per year, this initiative is part of a strategic move to increase domestic production and secure essential raw materials for local factories.

According to State Information Service Egypt, the move is in line with directives from Industry Minister Khaled Hashem. The new licenses are designed to elevate domestic billet production, supplying essential materials to local rolling mills, reducing import dependency, and minimizing the use of foreign currency. IDA Chairwoman Nahed Youssef emphasized the importance of these licenses in strengthening the competitiveness of Egypt's steel industry.

The offering includes four licenses with an annual production capacity of 500,000 tons each, and another four licenses with a capacity of 200,000 tons per year, collectively targeting an annual capacity of 2.8 million tons. Youssef highlighted the authority's commitment to fostering industrial integration in the metals sector by promoting investment in both fundamental and supporting industries.

Efforts are being made to ensure a sustainable supply of production inputs, thereby increasing the added value of locally manufactured products. The IDA is focused on removing barriers for investors entering this strategic sector and is providing necessary incentives to attract new investments. This aligns with the government's plans to boost domestic production and deepen manufacturing processes.

Companies interested in acquiring the new licenses can access the tender documents and specifications at the authority's headquarters in New Cairo's Fifth Settlement from August 11 to August 20. The deadline for submitting offers is set for noon on September 9. The authority specified that applications submitted before the announcement of the new offering would not be considered.