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Suez Canal Authority cancels investment project of Italy’s Danieli

Tuesday 25 September 2018 12:18 PM

Suez Canal Authority
Suez Canal Authority

By Nadia Saber:
The Suez Canal Authority (SCA) has decided to cancel its project for building an iron and steel plant in Ain Sokhna with the Italian company Danieli Group on an area of 572,000 m² due to the objections of Ministry of Trade and Industry.

SCA signed a memorandum of understanding (MoU) with Danieli last year to construct an iron and steel plant in Al Ain Sokhna in the Suez Canal Economic Zone with a capacity of 1.2 million tonnes of iron a year.

The contract represents the second cancelled project after the signing of a partnership agreement between the Saudi International Expertise Association Academy and the Saudi Suez Canal Authority, on October 18, 2016 to build an iron and steel plant in the area.