PM Abiy Ahmed inaugurates expansion project worth 5.6bln ETB at Adama Steel Factory

Addis Ababa, March 7, 2022 (FBC) – Prime Minister Abiy Ahmed has inaugurated an expansion project which is worth 5.6 billion Birr at Adama Steel Factory.

“Today’s celebration of Adama Steel Factory’s expansion project is an acknowledgement of the immense capacities our industries possess to produce essential construction inputs locally. Multiplying such homegrown models will greatly reduce our foreign currency expenditures,” the Premier said, on the inaugural ceremony.

The Adama Steel Factory is said to have a greater importance to substitute imported items with local produces thereby help the country save hard currency.

The factory is expected to facilitate employment opportunities for 3,000 job when it goes fully operational. Expansion works have transformed plant’s production capacity into 1.2 million ton of steel products per year.

Initial production capacity of the factory that was built with 40 billion birr budget and made operational in 2011 was 30,000 ton per year.