Egypt: The Chinese company Wu’an XinFeng will set up a steel factory in the Suez Canal Economic Zone for an investment of $297 million

The plant will produce hot-rolled steel coils. It aims to export 70% of its production abroad and to extend it to the manufacture of automobile engine blocks, in a later stage.

The General Authority of the Suez Canal Economic Zone (SCZone) announced, in a press release published on April 22, 2024, the signing of an agreement with the Chinese company Wu’an XinFeng for the establishment of a steel factory in Egypt for an investment of 297 million dollars.

Signed by Chairman of the General Authority of the Suez Canal Economic Zone, Walid Gamal El-Dine, and Secretary of the Committee of the Communist Party of China for Hebei Province, Ni Yu Fang, the agreement gives the company Chinese company a usufruct right on land with an area of 750,000 m² located in the industrial zone of Ain Sokhna (116 km southeast of Cairo), the same source said.

The factory, which will produce hot-rolled steel coils, plans to export 70% of its production abroad and later expand it to the manufacture of automobile engine blocks. It should ultimately generate 1,200 direct jobs.