Egypt’s biggest steel producer Ezz Steel, will resume construction of its new steel plant in Suez’s Ain Sokhna with total investments worth some LE3.7 billion (roughly $0.53 billion) after reaching a loan deal amounting to LE2.8 billion (roughly $0.40 billion) from local banks, the firm stated Wednesday.

National Bank of Egypt and Bank Misr are among the lenders that will be repaid over six years of quarterly installments starting 2015, the statement added.

It is expected that the factory will start production operations by end of 2014.

Ezz Steel — among the leading steel producers in the Middle East and North Africa (MENA) region, with an annual capacity of 5.8 million tons — said its 2012 net profit fell by more than half from the previous year to LE250.4 million ($35.7 million).