Addis Ababa, November 9 (WIC) –The capacity of reinforcement steel bar manufacturing companies has now reached 61 per cent, according to Metal Industry Development Institute of Ethiopia.
Institute Corporate Communication Directorate Director Fite Bekele, told WIC that the companies raised their capacity to the stated percent from 41 percent two years ago.
According to Fite, the institute envisaged raising the companies’ production capacity to 95 per cent by the end of the Growth and Transformation Plan (GTP).
Hence, in order to attain the target setout in the GTP, various supports would be offered for the companies over the coming three years, the director said.
The demand for reinforcement bar is increasing from time to time following the booming construction sector in the country, he said.
According to him, the demand increased from 662, 291 tonnes in 2003 EC to 807,167 tonnes in 2004 and it is also expected to rise to 952, 043 tonnes this budget year and to more than one million tonnes in 2006 EC.
Consequently, the institute is doing its level best to fulfill the increasing demand by building production capacity of the existing manufacturing companies, he said.
The companies have supplied steel bar worth 12 billion birr to local markets last Ethiopian budget year. However, the nation imported 660,752 tonnes of metal estimated at 13.7 billion birr last year.
Ethiopia envisaged manufacturing various types of metals worth 104.4 billion birr by the end of the Growth and Transformation Plan (GTP), the director noted.
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