CAIRO: The Egyptian Iron and Steel Company disclosed on Thursday a short-term plan to import an additional 150,000 tons of coking coal, for a total of 600,000 tons, at a cost of $50 million, Youm7 reported.
Company head Mohamed Saad Nagida said in a statement on Thursday that a $50 million loan from the Ministry of Industry be paid back with company profits, according to a statement.
The statement also said a company long-term plan aims to study a development process by the Indian company Tata Steel that reduces the cost of making iron and steel by recycling iron-bearing waste.
Prime Minister Ibrahim Mahlab approved on Tuesday a plan for developing the Iron and Steel Company, which he said has not witnessed any improvements since 1973, Anadolu Agency reported.
The five-year plan will include applying improvement studies and establishing a steel factory.
Additional reporting by Mostafa al-Naggar.