XinFeng to Build $10B Steel Complex in Suez Canal Economic Zone

On 25 March 2025, XinFeng signed a land-use agreement with the General Authority of Suez Canal Economic Zone (SCZone) for an area spanning 3.75 million square meters at the Ain Sokhna Industrial Park for an Integrated Metallurgical Complex Project. Egypt’s Prime Minister Mostafa Madbouly and Deputy Prime Minister Kamel El-Wazir witnessed the signing of the agreement at the New Administrative Capital in Cairo.

In the first phase, XinFeng plans to inject a Foreign Direct Investment (FDI) to the tune of USD 1.65 billion to build a steel plant. The plant will have an annual production capacity of 10 million tonnes of steel. Eventually, the Project is projected to mobilize up to USD 10 billion of total investments.

The iron and steel products are destined for the automotive, household appliances, and construction industries, to name a few. According to XinFeng, the Project will create 15,000 direct jobs and support another 85,000 indirect jobs in the local economy.

In October 2025, the Government of Egypt announced a new package of incentives to attract more investments and promote #industrialization.

Egypt’s Deputy Prime Minister and Minister for Industry Kamel El-Wazir welcomed the Project as it is in line with the country’s strategy to augment the local content of automotive components by processing the country’s iron ore resources.