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Industrial Development Authority (IDA) announced the companies qualified for the steel bidding. The total investment value of the new steelworks is LE15 billion, providing 20,000 direct and indirect job opportunities. IDA approved the licenses requested by the existing steel companies and decided to hold an auction for granting one new license to one of the firms which applied for the first time.
 According to Eng. Rachid Mohamed Rachid, Minister of Trade and Industry, the new deadline set for submitting applications for the new steel projects, is September 13 instead of last August 30, in order to enable companies to complete the technical studies and provide the documents required for qualification. It's worth mentioning that Egypt’s production capacity of Spongy iron amounts to 2.8 million tons, while the local and imported scrap iron supply the remainder.
Aiming at consolidating the integrated steel industry, it was agreed to establish a project for producing spongy iron agglomerates for the first time in Egypt, in order to protect steel industry from the international price fluctuations. The project's production capacity comes to 6 million tons. 4 more projects, for producing DRI and iron billets, were also approved to complete the existing companies' steel production phases, with the aim to bolster industrial integration, broaden the base of manufacturers and enhance competition.
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