Cairo – Mubasher: The Egyptian government is looking to generate EGP 620 million in revenue from the issuance of new steel and cement production licences in fiscal year 2020/2021, Reuters reported on Wednesday, citing an explanatory note for the country’s draft budget.

The local cement industry has been witnessing a recession due to an oversupply, leading to the closure of many factories.

As for the steel industry, billet producers and steel rolling factories are facing a deepening dispute on the import fees imposed on iron billets and steel rebar.

Egypt’s steel output ranges between 7-7.5 million tonnes per year.