The eco-friendly still manufacturing company, EKOS Steel Mill, will play an important role in technology transfer in the industry. Also the company is expected to create jobs for about 300 compatriots.
DUKEM (EIC)– EKOS Steel Mill, the first and major Korean investor in heavy industries in Ethiopia, was inaugurated by President Dr. Mulatu Teshome on October 16, 2018.
The still manufacturing company is constructed with over 33 million USD, the Ethiopian Investment Commission (EIC) Public Relations reports. It rests on 10 hectares of land in Dukem town of Oromia Regional State at the outskirt of Addis Ababa.
While opening the inauguration ceremony, President of the Federal Democratic Republic of Ethiopia, Dr. Mulatu Teshome, said that the company is hoped to be a pioneer in exporting iron and steel products from Ethiopia.
He further stated that the eco-friendly still manufacturing company will play an important role in technology transfer in the industry. EKOS is expected to create jobs for about 300 compatriots.
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Nowadays, the construction sector is booming in the country and thus steel manufacturing is vital in meeting the demands of the local market as well as saving foreign currency through import substitution. In the second Growth and Transformation Plan (GTP II), Metal and Engineering industries are priority sectors for investment.
EKOS has planned to start their second phase investment in electric arc furnace (EAF) equipment with ladle furnace and with a capital of 500,000 MT billet production per a year, it was learnt.
Source: Ethiopian Investment Commission Public Relations