Chinese steel company Xinxing to invest USD 2 bn in SCZone

Chinese steel player Xinxing to invest USD 2 bn in the SCZone: Chinese company Xinxing Ductile Iron Pipesplans to invest USD 2 bn to build iron and steel plants in the Suez Canal Economic Zone (SCZone), according to an Egyptian cabinet statement. The plants will produce iron pipes and steel products for domestic use and for export and will be located in China’s TEDA industrial zone in Ain Sokhna.

By the numbers: The project will create more than 2.1k jobs and is expected to generate an annual turnover of USD 2.6 bn. The first phase will see Xinxing construct a USD 150 mn cast iron pipe factory that will employ over 600 people and produce some 250 thousand tonnes of pipes annually. The company will construct a USD 1.8 bn steel factory in the second phase, which will employ 1.5k people and produce some 2 mn tons of steel products for export annually.

March saw several Chinese firms expand their production in Egypt: Fiberglass manufacturer Jushi Group inaugurated a USD 320 mn production line at its factory in the SCZone while the Egypt Fanyang Textile Company opened a USD 60 mn factory. Hong Kong-based port operator Hutchison Ports and Chinese shipping firm Cosco Shipping Ports were among the companies that earlier this month signed agreements worth USD 1.6 bn to develop new container terminals at the Ain Sokhna and Dekheila ports.