• Short Summary

    Egypt's First Deputy Premier, Dr. Abdel Aziz Hegazy officially opened another stage of the Helwan?

  • Description

    Egypt's First Deputy Premier, Dr. Abdel Aziz Hegazy officially opened another stage of the Helwan Iron and steel complex near Cairo on Thursday (8 August).

    He brought into operation units that will triple Egypt's production of steel from a current 300,000 tons to 900,000 tons annually.

    Eventually it's hoped to raise steel production in the country to 10-million tons a year, worth 3,000-million dollars (GBP 1,250-million sterling) at present world prices.

    Dr. Hegazy performed the opening ceremony on behalf of President Sadat. The function was attended by senior government officials and a Soviet industrial delegation which arrived in Egypt this week.

    The Soviet Union has helped both financially and technically in the construction of the Helwan complex.

    The stage opened on Thursday included two units for oxygen-treated steel, three units for continuous casting, and an integrated group of projects and feeding mills.

    It represents a real foundation for heavy industry and overall economic development in Egypt.

    Egypt also sees steel production as a huge saving in foreign funds presently spent on imports. Eventually it hopes to make steel a lucrative export item.

    In a speech after he made the official opening, Dr. Hegazy said money had been allocated to the project despite hardships and battles the country had faced, and is facing.

    He praised the Soviet Union for its co-operation in the project.

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    Reuters - Including Visnews
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