Egypt-based long steel producer Egyptian Steel has announced that it has signed an agreement with state-run Electric Transmission for a permanent 24-hour-a-day supply of electricity for its Beni Suief and Al Ain El Sokhna plants.

Egyptian Steel has paid EGP 400 million ($57.5 million) for around-the-clock electricity supply for the plants. The company stated that this amount is only to ensure uninterrupted electricity supply and that it will pay for its electricity consumption in line with consumption intensity.

Egyptian Steel also reached an agreement with its shareholders for funding of up to EGP 600 million ($86.3 million) for the Beni Suief and Al Ain El Sukhna plants.