Egyptian Steel says it is pushing ahead with plans to quadruple its capacity despite long-standing currency and energy crises, with trial production at one new plant starting in December but another project at Ain Soukhna delayed until late next year. Heavy industry has faced the brunt of an energy shortage in Egypt, with many firms forced to reduce output due to lack of gas supply. Capital restrictions introduced in February to crush a black market in dollars have also caused problems, with firms struggling to open letters of credit to import raw materials.
