Cairo – Mubasher: Egypt’s Suez Canal Authority (SCA) said it signed an agreement with Saudi – based Khepprat international foundation to establish an Egyptian shareholding company in order to set up steel manufacturing plant at Ain Sokhna.

The steel plant production capacity expected to be 1.2 million tons annual, according to SCA press release.

The agreement value amounts to $500 million, while the projects investments amount to $1 billion, said Mohab Mamish, Chairman of SCA.