Egypt's Minister of Public Business Sector Hesham Tawfik has announced that a new project that aims to improve the Delta Steel Mill Company would help it achieve approximately EGP 150 million in net profits instead of its current losses of EGP 50 million annually.
Tawfik's statements came during his visit to the company Sunday to follow up on the implementation of the new project.
Head of Delta Steel Mill Company Mahmoud Al-Fiki revealed that the first phase of the project — which aims to increase the productive capacity of the company — is to be complete in October.
The project, according to Al-Fiki, is supposed to increase the productive capacity of billet crude by 12 times to reach 500,000 tons per year, in addition to increasing tokens production by 10 times, to reach 10,000 tons per year.
He added that the company has received the required equipment for the project from a Chinese manufacturer, adding that a pilot operation will be complete by September.
The second phase of the project will be fully implemented by June 2020, producing 250,000 tons of billet crude, according to a ministry statement.