The MIDROC Ethiopia Technology Group announced more than 1.3 Billion birr in profits the past fiscal year, on Sunday. 
The group has been able to achieve such tremendous success because of the dedication of its employees said Sheikh Mohammed Hussein Ali Al Amoudi Chairperson of MIDROC. The MIDROC Group will support national efforts towards growth and development by creating new companies and expansion he added.
MIDROC Ethiopia, a conglomerate comprised of eighty group and affiliate companies, has appointed Getachew Hagos as interim Chief Executive Officer (CEO).
MIDROC Ethiopia Technology Group unveiled its plan on May 7, 2015 to invest eight billion Birr on business expansion projects, according to Fana Broadcasting Corporate (FBC).
MIDROC is seeking financing from 17 local and international financial institutions to fund the construction of Toussa Steel 
factory. The International Finance Corporation and the African Development bank are among the financial institutions approached by the company. It is expected that most of the funding for the project will be covered by Sheik Mohammed Al Amoudi according to the Chief Executive of Toussa.
The project seems feasible for the purposes of financing according to a representative of one international financial institution.
It is to be remembered MIDROC Ethiopia signed 600 million US dollar turnkey project Italian steel mill contractors Daniele SpA, for the construction of its plant in the Amhara regional State.
MIDROC Ethiopia signed 600 million US dollar turnkey project Italian steel mill contractors Daniele SpA, for the construction of its plant in the Amhara regional State
Toussa Steel mill is expected to be the largest steel mill in Ethiopia with an estimated annual production capacity of 1.3 million tons.
Toussa was licensed with the Ethiopian Investment Agency in July of last year and plans on producing reinforcement bars, billets and hollow sections amongst other steel products. The factory will go on to produce steel railway tracks in its second phase.
