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Why is the steel industry in Egypt declining?

Egypt's steel industry has generally been lowering prices as a result of an oversupply in inventories and lower raw material prices just as a new steel factory comes online.

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An engineer watches during the pouring of molten iron into a container at a factory belonging to Ezz Steel, Egypt's largest steel producer, at an industrial complex in Sadat City, Egypt, April 17, 2013. — REUTERS/Amr Abdallah Dalsh

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