Ministry of Mines (MoM) has launched a new International Competitive Bidding (ICB) for Consultancy on a Bankable Techno- economic feasibility study on the establishment of iron and steel plants.
The survey will include technical feasibility, economic and financial evaluation, environmental and social impact assessment.
Meanwhile, Ethiopia spends an enormous amount of foreign currency on importing steel products, yet the national demand for products such as reinforcement bars has not been met. Steel manufacturers need 12 million tons of billets annually. It costs more than $1.3 billion to cover the demand, covering a third of annual export revenues.
The costs have taken a toll. Close to 26 factories were closed in recent years because of raw material shortages.