Russian steel giant Novostal-M seeks to expand in Egypt: Minister

The company is prepared to supply steel for projects within Egypt and participate in infrastructure development projects, he added.

Novostal-M is interested in collaborating with Egypt in the fields of nitrogen and fertilizers, with the aim of exporting these products to other African countries, Samir noted.

The trade ministry has reached an agreement with Novostal-M to enhance Egyptian exports of citrus and urea to Russia through the company.

Novostal-M owns two factories in Russia that produce 2.8 million tons of steel annually and exports 90 percent of its production to 60 counties, according to the company's chairman Ivan Demchenko.

In 2022, Egypt’s exports to Russia surged to $595.1 million, up by 21.6 percent in 2021, reported the Central Agency for Public Mobilization and Statistics.

Egypt’s imports from Russia increased to $4.1 billion in 2022, up by 15.5 percent in 2021.