Metals Sector Falls Short of Expectations

The Metal Industry Development Institute (MIDI) has announced that the 64 metal companies operating in the country managed to produce only 440,117 tonnes of metal products in the first six months of the current fiscal year, which falls short of the government’s plan by 53Pct.As a result, the country only earned USD1.4 million by exporting metal products during the period.

The officials of the Institute announced this during a meeting held to assess the monthly performance of the metal and engineering sub-sector at Ghion Hotel on February 24, 2015.

While the total capacity of the country’s metal sector is estimated to be 2.2 million tons of metal products per year, all factories are using less than 42Pct of their installed capacity, according to Workneh Delelege, director of the Institute.

Shortages of energy, lack of foreign currency to import inputs and lack of cooperation with different government agencies are among the challenges raised by the managers of metal factories.

The MIDI has been known in different times with different names in the past, such as Engineering Design and Tool Enterprise, Basic Metals and Engineering Industry Agency and Metal Products Development Centre. However, since 2010, the government established MIDI in order to improve the competitiveness of the metal and engineering industries.

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