Ethiopia's Prime Minister Abiy Ahmed has inaugurated Adama Steel Factory's 5.6 billion birr expansion project. The expansion enables the factory to produce 1.2 million tons of steel per annum.

Adama Steel Factory, built at a cost of 40 million, has been operational since 2011, with a yearly production capacity of 30,000 tons of nail and tin steel. After the expansion, the factory will also be producing iron bars, wires, and other steel products.

The expansion project is "an acknowledgment of the immense capacities our industries possess to produce essential construction inputs locally," PM Abiy said in a tweet, "Multiplying such homegrown models will greatly reduce our foreign currency expenditures."

Source (Including Image): PM Abiy Ahmed Ali (Twitter)

Additional Source: Ethiopian Monitor