MoU with Italy’s Danieli for a new steel factory scrapped

MoU with Italy’s Danieli for a new steel factory scrapped: The Suez Canal Economic Zone (SCZone) has abandoned plans that would have seen a 1.2 MTPA steel plant built in the Ain Sokhna economic zone, SCZone head Mohab Mamish told Al Masry Al Youm on Monday. Mamish did not explain the reason behind the move, which effectively nullifies an MoU signed by the for the Suez Canal Iron and Steel Company with Italy’s Danieli Steel back in August. The move was a surprise to the company, especially as the agreement stipulated that Danieli would seek financing for the project through Italian and European banks, sources from Danieli tell the newspaper. Undeterred, the company is looking for a local partner to establish a steel manufacturing project, especially in light of the Trade and Industry Ministry imposing anti-dumping duties on steel rebar imports from China, Turkey and the Ukraine for a five-year period.