16 Feb 2009 11:21 AM
Arab Finance: Banque Misr, in collaboration with the National Bank ,is negotiating with El Ezz Steel Rebars - (ESRS) to provide a loan worth LE 1.85 billion.
As both banks are negotiating with El Ezz to finance a medium-term loan , to be over seven years ,in order to finance the establishment of El Ezz plant for Galvanized iron.
The company has obtained the approval of the Industrial Development Authority to establish the new production line of Spong iron, which is considered the early stages of the production of steel using iron ore.
It is worth noting that the new plant provides the integration of production stages and helps in cutting operational costs and increases the ability to cope with the fluctuation of prices of scrap and billet.
The investment cost of the project is LE 2.7 billion, representing 70% of the loan, and the establishment of the new plant is to be completed in a two years span.
Source: Al mal newspaper
