Latest news with #SuezSteelCompany
Egypt Today
04-05-2025
- Business
- Egypt Today
El-Sisi approves law to empower Egypt's workforce
CAIRO- 4 May 2025: Egyptian President Abdel Fattah El-Sisi has officially ratified the country's new Labor Law, hailing it as a major milestone in strengthening workers' rights nationwide. During his address at the Labor Day celebration held at Suez Steel Company, El-Sisi stressed that the law ensures tangible gains for workers, reinforces fairness and protection, and boosts job security across sectors. He further underscored the law's alignment with international standards, particularly in advancing the rights of working women. El-Sisi also directed the government to complete the draft legislation for domestic workers and called for a comprehensive societal dialogue to regulate this vital sector and extend social protections, especially for informal laborers. These developments come as Egypt's labor market shows signs of recovery. According to recent figures from the Central Agency for Public Mobilization and Statistics (CAPMAS), the national unemployment rate declined to 6.6 percent in 2024, down from 7.0 percent in 2023. Youth unemployment (ages 15 to 29) also fell to 14.9 percent, with rates dropping to 9.8 percent for males and 37.1 percent for females. Among younger workers aged 15 to 19, unemployment eased slightly to 12.2 percent compared to 12.4 percent the previous year.
Middle East
04-05-2025
- Business
- Middle East
OPEN// Sisi tours Suez Steel Company, attends Labour Day celebration
SUEZ, Egypt, May 3 (MENA) - President Abdel Fattah El Sisi on Saturday made a tour of the Suez Steel Company where he opened Phase II of the company, an affiliate of Solb Misr Egyptian Steel Group, as part of his participation in Labor Day celebrations. During his tour, President Sisi was given a detailed account of the company's 12 factories, including a DRI plant, two smelting plants, and three rolling mills. The company has a workshop for metal industries, which contributed to helping save spare parts imports by 15-20% in 2024, and a cutting and bending factory, which saves time and effort for contracting companies working on major projects. The company boasts an integrated steel-making technology, with plants for pelletizing, concentrating, smelting, and rolling operations. President Sisi participated in the Labor Day celebration at the Suez Steel Company. The celebration featured the screening of a documentary film about the nation's workers, another documentary about Suez Steel Company, and speeches by a host of senior state officials, including Minister of Transport and Industrial Development, Kamel El Wazir, according to Presidential Spokesperson Ambassador Mohamed El-Shenawy President Sisi also watched a presentation about a number of successful new factories via the video-conferencing technology. (MENA) M A A/R G E
Daily News Egypt
03-05-2025
- Business
- Daily News Egypt
Egypt's Al-Sisi signs new labour law, issues directives at Labour Day event
Egyptian President Abdel Fattah Al-Sisi attended a Labour Day celebration on Saturday at the Suez Steel Company, where he announced the signing of a new labour law and issued several directives aimed at supporting workers. During the event in the city of Suez, Sisi also inaugurated the second phase of the Suez Steel Company plant. Presidential spokesperson Ambassador Mohamed El-Shennawy confirmed Al-Sisi had signed the 'New Labour Law'. In a speech delivered at the event, Al-Sisi described the legislation as representing 'a qualitative leap in the journey of labour rights,' adding that it 'guarantees clear gains for workers, consolidates concepts of worker protection and fairness, affirms the rights due to working women, enhances job security guarantees for employees, and complies with international labour charters and agreements'. In his address, Al-Sisi also directed the government to undertake several measures: Finalise a draft law concerning domestic workers and conduct a societal dialogue about it. Expand social protection coverage to include irregular workers and provide benefits upon death. Implement an initiative for youth skills development through free grants aligned with labour market needs. Work towards faster resolution of labour cases to ensure workers receive dues promptly. Form a permanent committee to monitor the implementation of the National Employment Strategy upon its launch. The spokesperson stated the celebration included the screening of a documentary about Egyptian workers, 'Generous Hands,' and another film about the Suez Steel Company. Speeches were also delivered by Kamel El-Wazir, Deputy Prime Minister for Industrial Development and Minister of Transport and Industry; Mohamed Gibran, Minister of Labour; and Abdel Moneim El-Gamal, Head of the Egyptian Trade Union Federation, who presented Sisi with the Federation's shield. Rafiq Dow, Vice Chairman and Managing Director of Suez Steel Company, also addressed the attendees. Ambassador El-Shenawy added that Al-Sisi watched presentations via video conference showcasing several new private sector factories and awarded honours to individuals from various labour sectors before inaugurating the steel plant's second phase. In his speech, Al-Sisi emphasised the state's appreciation for the value of work and the role of workers in development. He noted the choice of Suez for the event was 'in appreciation of the active development movement this valiant city is witnessing' and stated that factories established on Egyptian land are 'a living witness to the great achievements made by the sons of this nation.' He affirmed the government's commitment to providing training, expanding technical education, and seeking overseas opportunities for Egyptian labour.
Middle East
03-05-2025
- Business
- Middle East
OPEN// Sisi inaugurates second phase of Suez Steel Company
SUEZ, Egypt, May 3 (MENA) - President Abdel Fattah El Sisi inaugurated the second phase of the Suez Steel Company. This came as part of the Labor Day celebration held on Saturday at the Suez Steel Company in Suez, in north-eastern Egypt, Presidential Spokesman Mohamed el Shennawy said. (MENA) M N E/R E E
Egypt Today
03-05-2025
- Business
- Egypt Today
Labor Day ceremony: Sisi honors group of Egyptian workers for being inspiring models
Egyptian President Abdel Fattah El-Sisi while attending Labor Day ceremony in Suez CAIRO - 3 May 2025: President Abdel Fattah El Sisi honored a group of Egyptian workers on Saturday for their diligent and sincere efforts, as well as some distinguished and inspiring models who have enriched the labor union life in Egypt. This took place on Saturday during the Labor Day celebration in Suez Governorate. During the ceremony, President Sisi reviewed via video conference a presentation of new successful private sector factories during Labor Day celebrations in Suez. Among them was Arco Steel, described by its managing director as the only specialized steel producer in the Middle East. The company has added two production lines for wires used in railway sleeper manufacturing, with a current capacity of 25,000 tons annually. The project covers 20,000 square meters and involves investments of EGP 500 million. It plans to add 28 more lines on 165,000 square meters with EGP 6 billion in funding. This expansion is expected to create 1,500 jobs and raise annual capacity to 400,000 tons, enabling full local production of railway sleeper wires. The company is also building a cold-rolled and galvanized steel facility with a 350,000-ton capacity to serve the automotive and appliance industries and reduce import dependence. During the ceremony marking Labor Day, Dr. Saied Kamel, Chairman and CEO of Utopia Pharmaceuticals, presented the company's new plant in 10th of Ramadan City. He said that the plant was built on 18,000 square meters with investments totaling EGP 1.35 billion, adding that it also operates six production lines, with an annual capacity of 120 million packages, and employs 1,100 workers directly and 300 indirectly. Kamel clarified that the plant produces 52 medicines, including 19 that substitute imported versions using 70–90% local components. Sales last year reached 2 million packages, saving the country about $16 million, he mentioned. For his part, Ahmed Dawy, CFO of Beko Egypt, said that the company's new appliance complex was built with Turkish investments worth $110 million over 114,000 square meters. It will produce 1.5 million refrigerators, ovens, dishwashers, and freezers annually, with 65% of output intended for export, he added. The plant supports about 2,000 indirect jobs and targets $250 million in annual exports, he stated. President Sisi also inaugurated the second phase of the Suez Steel Company. This came as part of the Labor Day celebration held on Saturday at the Suez Steel Company in Suez, in north-eastern Egypt, Presidential Spokesman Mohamed el Shennawy said.
