Germany's SMS group planned to invest more than EUR 1 billion to build a direct reduced iron (DRI) plant in Egypt. The plant will have an annual production capacity of 2.5 million tons and have the potential to expand to 4 million tons in the future.

The project was expected to create about 1,000 jobs.

The plan was discussed during the Egyptian Minister of Investment and Foreign Trade Hassan El-Khatib's meeting with SMS group.

In the meeting, the possibility of establishing the project in the Suez Canal Economic Zone was also discussed. Both parties agreed to hold meetings in Egypt to identify local partners for the project.