Egypt to cut cement manufacturing by 11%

Egypt's competition authority has approved a request by 23 cement manufacturers to temporarily reduce production to reduce output, setting a baseline cut at 10.69 per cent.

The competition authority decision, dated 5 July, said there would be additional cuts of 2.81 per cent for each production line and further cuts depending on the company’s age, according to a Reuters report.

The quotas would come into force on 15 July and remain in place for one year, the document said.