Cairo – Mubasher: Egypt’s Middle East Carbon Company plans to increase its export volume from carbon used in the iron and steel industry to $50 million by the end of this year, compared to $20 million in 2021.
The company’s chairperson, Walid Abu Raya, said the firm’s investments in Egypt exceeded EGP 500 million, highlighting that the factory’s presence in the free zone mandates exporting over 50% of production at least, according to a statement.
He added that the factory exports about 80,000 tonnes a year out of 140,000 tonnes to the Middle East and Africa region, noting that the most prominent companies to which it exports are Bahrain Steel, Emirates Steel, Kuwait Steel, Sohar Steel, Oman’s Jindal Shadeed, in addition to Saudi Arabia’s Rajhi Steel and SABIC, and Foulath in Tunisia.
Since the onset of the Russian-Ukrainian War, the company had covered part of the gap that Russian suppliers used to fill in the Middle East and Africa region with regard to exporting carbon coal due to sanctions. This contributed to opening the market completely to the Egyptian state’s product, as exports to such countries could reach more than $150 million.
