Ethiopian EFFORT gets positive response for a new steel factory

It is reported that the Endowment Fund for Rehabilitation of Tigray's bid to become the first local company to establish an iron ore mine and steel factory has passed the first step with positive response from companies willing to do the feasibility study. A total of 18 international and local companies showed interest in the invitation to do a feasibility study for what is perhaps the first attempt to establish a highly industrialized venture. Mr Yared Adamu head of investment business development department for EFFORT said that the endowment fund is planning to erect the steel manufacturing plant in Shire, Menteblcb wereda, in Tigray Regional State, 1080 kilometers North of Addis Abeba. Mr Yared said that "The technical and financial evaluation had been conducted on September 26th 2011." According to the data from Ethiopian Revenue and Customs Authority, Ethiopia imported 327,832 tonnes of steel and other various iron ore materials worth USD 233.6 million in 2010-11. (Sourced from www.addisfortune.com)