Egyptian govt weighs Danieli Group's plan for green steel complex

Egypt's government is studying a proposal by Italy's Danieli Group to establish a USD-4-billion (EUR 3.7bn) integrated industrial complex for iron and steel production and a plan to attract investors to set up a green hydrogen plant worth between USD 2 billion and USD 3 billion.

The proposal was discussed at a meeting of the Egyptian Cabinet on Tuesday evening chaired by prime minister Mostafa Madbouly, according to a Cabinet statement.

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The project aims to localise the advanced iron industry and export iron and steel products to the global markets, especially Europe. The proposal submitted by the company includes establishing facilities specialised in the production of sponge iron, seamless steel pipes, and flat steel. It has the potential to create about 17,000 direct and indirect jobs.

The importance of producing sponge iron as an input and the use of green hydrogen as a clean technology were emphasised during the discussion.

Based in Buttrio, north-east Italy, Danieli Group supplies equipment to the metal industry with a focus on steel plants in the long products segment.