STORY: Russian steel giant Novostal-M seeks to expand cooperation with Egypt
DATELINE: Aug. 17, 2023
LENGTH: 00:00:49
LOCATION: Cairo
CATEGORY: ECONOMY
 
SHOTLIST:
1. various of new administrative capital headquarters of the Egyptian Ministry of Trade and Industry
2. various of meeting
 
STORYLINE:
 
Russian metallurgical holding company Novostal-M seeks to expand its cooperation with Egypt, including establishing a new factory in the North African country, according to a statement released by the Egyptian cabinet on Wednesday.
 
After a meeting between Egyptian Minister of Trade and Industry Ahmed Samir and a visiting delegation of Novostal-M headed by Ivan Demchenko, the president of the Russian steel giant, Samir said that the company wants to set up a steel factory in Egypt, supply metals for Egyptian projects, and build infrastructure for food warehouses.
 
The two sides also discussed cooperation in the field of construction, nitrogen supply, and the export of fertilizers from Egypt to other African countries, according to the statement.
 
The minister also pointed out the possibility of the Russian company contributing to Egypt's infrastructure projects.
 
For his part, Demchenko confirmed the company's keenness to invest in the Egyptian market.
 
He said his company owns two factories in Russia, pointing out that the company's production of reinforcing steel amounts to about 2.8 million tonnes annually.
 
Xinhua News Agency correspondents reporting from Cairo.
(XHTV)