Metals factory in Salaata
$100 million investment to meet local needs
The Kfoury Metals Company opened a new factory for construction metal in Salaata, Batroun. Antoine Kfoury, General Manager of Kfoury Metals Company, said: “The reason behind establishing this factory is to satisfy the local market’s needs.”
The area of the factory will measure 27,000 square meters. The total investment in the project reached $100 million. The factory is equipped with high-tech machines that are imported from Europe, Australia, and India. It will create about 450 jobs.
Its production capacity will range between 350,000 and 400,000 tons annually. “The factory will operate at half capacity at the beginning, in order to analyze the market,” said Kfoury.
Metal imports in 2012 doubled compared to six years earlier, reaching 1.2 million tons. “The real estate sector may be witnessing a slowdown in transactions, but construction works are still growing, so we have many opportunities,” said Kfoury.
The Kfoury Metals Company will sell one ton of metal for $10 lower than the regular prices (between $620 and $650) in order to encourage clients to purchase local products.
“We expect to compete with international products because we are manufacturing high quality metals, following international standards,” said Kfoury. He said they do not aim to export metal products.
The Kfoury Metals Company is a family business owned by several partners.
Date Posted: Nov 05, 2013