Producing 750,000 tons of steel by 1999

Egypt and Russia reached an agreement through which Russian expertise will contribute to rebuilding and modernizing the body of the third furnace of the Iron Steel Complex in Helwan which has four furnaces that produce 500,000 tons of steel per year.

The director of the Iron and Steel company, Dr. Ali Helmy, confirmed that the agreement stipulates that Russian experts in the iron and steel field will cooperate with Egyptian experts to design the furnace and to coat its body with heating blocks, which will be imported from Russia. The agreement also stipulates that Russia will offer some of the necessary equipment to produce about 750,000 tons of steel per year by 1999 instead of 500,000 tons that had been produced since the beginning of operation in 1974.

He added that there is another agreement with India through which Indian experts will study some of the technical requirements for modernizing the second furnace. He pointed out that this process will cost about L.E. 150 million and its production will be worth $225 million after the process is over.