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Agreements covers procurement of low-carbon steel for construction and recycle steel scrap from construction sites
Egyptian developer Madinet Masr has signed a Memorandum of Understanding (MoU) with Elmarakby Steel to implement a circularity project for recycling scrap steel from Madinet Masr’s construction sites while promoting the production and use of low carbon steel.
Elmarakby Steel is a top producer of low-carbon reinforced steel rebar and wire rods in Arab region and North Africa, according to the data from the World Steel Association.
The MOU paves the way for the development of the closed-loop cycle in the construction industry to reduce waste while supporting suppliers investing in low-carbon production methods, according to a statement issued by the EGX-listed developer.
Madinet Masr will aim to source majority of its low-carbon reinforced steel rebar requirements from Elmarakby Steel in line with its strategy to reduce carbon footprint. Additionally, the scrap generated at the developer’s construction sites would be supplied to the steel company to produce new reinforced steel and wire rods that will be reintegrated into the construction process.
Abdallah Sallam, President and CEO of Madinet Masr, said: “We are committed to promoting sustainability in all aspects of our operations in the construction industry, and we believe that our partnership with Elmarakby Steel represents a remarkable step in the right path towards a more sustainable future for Egypt, and will contribute to reducing our carbon footprint and enhancing the sustainable use of resources.”
Hassan Elmarakby, Chief Executive Officer of Elmarakby Steel, said the partnership will contribute to promoting sustainable economic practices in the construction industry. |
