Egypt Signs $300 Million Tire Steel Project with China’s Zenith Group

Egypt has signed a $300 million agreement with China’s Zenith Group to build a facility producing tire steel reinforcement materials at the Suez Canal Economic Zone. The project will produce 120,000 tonnes/year of steel cord for tires and 50,000 tonnes/year of bead wire, occupying 320,000 sq.m. and creating about 1,000 direct jobs. Some 30% of production is earmarked for export to markets in the Middle East, Europe, and the US. The facility is part of Egypt’s strategy to deepen domestic manufacturing and attract advanced industries, according to Prime Minister Mostafa Madbouly. The project will strengthen industrial integration with existing tire manufacturing operations in the SCZone, creating an integrated production system spanning intermediate raw materials through to finished products.