Indian Firm Invests $55m In Ethiopian Steel Project
Aarti Steel Plc today inaugurated a one billion birr ($55 million) steel producing factory in Oromia Regional State, in a somewhat unusual foreign investment in the little-known Ethiopian steel-manufacturing sector.
The factory -to be based on 40,000 square metres of land in the Galan area of Oromia state, on the outskirts of capital city Addis Ababa -is the project of Indian-based diversified manufacturing company Aarti Steel Plc; a market-leading steel producer in the Asian country.
Having secured a business licence from the Ethiopian state in March of this year, the company now stands ready to launch its factory and commence production. While the company’s Indian-based manufacturing operations produce multiple types of steel product largely for use in the automotive industry – including carbon and alloy steel rounds and squares, sponge iron, power and ferro alloys, spring steel wires and tyre bead wire – the company’s Ethiopian factory will initially focus only on the production of galvanized corrugated steel.