Ethiopian, Chinese investors break ground on 6bln birr steel factory in Mekelle

Addis Ababa, November 27, 2023 (FBC) – A joint venture formed by Ethiopian and investors has unveiled construction of cement factory worth 6 billion birr in Mekelle City.

President of the Tigray Interim Regional Administration, Getachew Reda and other regional officials have attended the groundbreaking for ‘Legend Steel Factory’ which is believed to create job opportunities for the 6,000 youths upon completion.

It is stated on the launching ceremony that the construction of the steel factory will be completed within 10 months.

Ethiopian investor Yared Tesfay acquires 75 percent of the stake in the joint venture while the remaining 25 percent of the share is owned by a Chinese businessman Lee Yon, it was stated on the groundbreaking ceremony.