Renowned entrepreneur Ahmed Ezz, the Chairman and Founder of Ezz Steel Group, delivered a compelling message on Sunday, underlining the pressing need for closer cooperation among Arab economies to bolster growth and surmount challenges. Ezz, a prominent figure in the steel industry, traced the roots of Egypt's steel sector back 90 years, underscoring its evolution through a continuous influx of investments, and he expressed the view that Egypt is now exceptionally well-suited for substantial investments in the industrial sector, thanks to ongoing state-led development initiatives.
In a powerful address at the 16th Arab Steel Summit, Ahmed Ezz disclosed that Egypt boasts a staggering annual production capacity of approximately 17 million tons of raw steel, distributed across seven major corporations with total investments reaching the billion-dollar mark. Ezz also shed light on the remarkable progress the Arab steel industry has made in recent years, prompting a call for a comprehensive review of iron ore production levels in the current decade.
Ezz's insight into the iron industry revealed a staggering transformation, with iron ore production surging from 9 million tons at the turn of the millennium to an impressive 39 million tons by 2022, marking a monumental growth rate of over 300%. This impressive growth, he noted, is even more noteworthy given the prevailing global challenges and the intense competition in the steel industry.
Ahmed Ezz pointed out at the 16th Arab Steel Summit underscores the profound potential and growth in Egypt's steel and iron industry, while emphasizing the critical importance of regional collaboration to further strengthen the sector's position on the global stage.
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