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Business Battle: Egypt Rivals Iran in Multi-Million Dollar Industry

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Fitch Ratings expects Egypt to continue ramping up steel production in 2023, making Africa an important source of steel production.

The report says that Egypt is one of the largest steel producing countries in Africa and the second largest producer in the Middle East and North Africa region after Iran, and during the outbreak of the Covid-19 pandemic, Egypt’s steel production increased by 13.4 % in 2020 and 25.1% in 2020 2021, according to the World Steel Federation.

The report indicated that the agency expects Egypt to gradually double its gold production in the coming years, as Egypt issued its first gold mining tender since 2017, and in November 2020, Egypt provided 82 gold exploration sites to 11 mining companies.

Source: Egyptian Media + ASH

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