Recently, Zhongtian Iron and Steel Group's "Automotive Tire Core Material Production Project" was officially signed and landed in Egypt. Egyptian Prime Minister Mustafa Madbury witnessed the signing of the agreement at the Prime Minister's Office in the new administrative capital, and the Egyptian Minister of Electricity and Chairman of the Suez Canal Economic Zone Authority attended the ceremony. Zhou Guoquan, Executive Director and Vice President of Zhongtian Iron and Steel Group, and Cao Hui, Executive Director of Teda Special Zone Development Company in Egypt, signed the contract on behalf of both parties.
The project is located in the Ain Suhena Industrial Park of the Suez Canal Economic Zone, China Teda Special Zone, with a total investment of 300 million US dollars and a land area of approximately 320000 square meters. It mainly produces steel cord and bead wire. The project will construct a modern production line with a designed annual output of 120000 tons of steel curtain wire and 50000 tons of bead wire.
After the project is put into operation, it can directly create about 1000 local job opportunities, and about 30% of the products will be exported to overseas markets such as the Middle East, Europe, and the Americas. The Chairman of the Suez Canal Economic Zone Authority stated that the project will form industrial synergy with existing tire manufacturers in the zone, helping Egypt to fill the gaps in the automotive industry and accelerate the construction of a regional advanced manufacturing and export center.