Chinese Xinxing to Invest $2 Billion in SCZone- Cabinet

Chinese company Xinxing will invest $2 billion to set up a project to produce cast iron and steel pipes in the Chinese zone within the Suez Canal Economic Zone (SCZONE), a cabinet statement said Thursday.

The project will be built on a total area of 1.7 million square meters with a production value of $2.6 billion annually, and is expected to create more than 2,100 jobs, said General Manager of Xinxing Qi Shu.

The first phase of the project, which extends over an area of 250,000 square meters, includes the production of cast iron pipes, with an estimated investment of $150 million.

The capacity of the first phase is 250,000 tons annually, and the annual production value is about $1.2 billion, and it is expected to employ 616 people.

The second phase is related to the steel industry and is intended for export, with investments of about $1.8 billion, and it extends over an area of 1.45 million square meters. It has a production capacity of 2 million tons per year, annual production value of about $1.4 billion, and is expected to provide 1,500 jobs.