On June 6, 2024, Engineer Ahmed Samir, Minister of Trade and Industry, and Major General Abdel Majeed Saqr, Governor of Suez, met with representatives of 137 international companies specializing in iron and steel manufacturing at the Suez Steel Company, part of the Misr Steel Group. They discussed investment opportunities in the Egyptian market and the potential for new investments.
The minister emphasized that the iron and steel industry is crucial to Egypt’s economic strength, supporting infrastructure, construction, and manufacturing sectors. He praised the industry's role in making Egypt a leading steel producer in the Middle East and North Africa, with production reaching 9.8 million tons last year, solidifying Egypt's position as Africa's largest steel producer.
He also addressed challenges such as the European Union’s Carbon Border Adjustment Mechanism (CBAM), set to be implemented in 2026, which will impose a carbon price on imported goods. The Ministry is committed to supporting the transition to green production methods, including electric arc furnaces and green hydrogen, to mitigate CBAM's impact and position Egypt as a leader in sustainable steel production, according to Arab Iron and Steel Union.
