The Suez Canal Authority has canceled its project for the construction of an iron and steel plant in Ain Sokhna with the Italian company Danieli Group on an area of 572,000 m² after receiving objections from the Ministry of Commerce and Industry. The institution signed a memorandum of understanding (MoU) with Danieli last year to build an iron and steel plant in Al Ain Sokhna in the Suez Canal Economic Zone with a capacity of 1.2 million tonnes of iron annually.
The contract represents the second cancelled project after the signing of a partnership agreement between the Saudi International Expertise Association Academy and the Saudi Suez Canal Authority, on October 18, 2016 to build an iron and steel plant in the area.
Source : ALMAL NEWS
Yaang Pipe Industry Co., Limited (www.yaang.com)