Italy’s Danieli signs MoU for new steel factory in Ain Al Sokhna

Italy’s Danieli signed an MoU for a new steel factory in Ain Al Sokhna: Suez Canal Authority Chief Mohab Mamish signed an MoU with Italy’s Danieli that will see the latter build a 1.2 MTPA steel plant in the Ain Sokhna economic zone for the Suez Canal Iron and Steel Company, Al Mal reported on Thursday. (Apologies, folks — we missed this one in our weekend sweep of the news.) The authority will provide infrastructure for the plant, which Danieli will be managing for its first three years in operation. The construction timeline is yet unclear, but work is expected to take place over two phases. Legal and bureaucratic procedures for the project should be final by year’s end, Mamish said though, giving no further detail on the project’s investment cost or sources of funding.