A tender is set to be launched by the Egyptian government on Wednesday for licences to produce 3 million tonnes of steel, requiring investments worth EGP3.2bn ($561.9m), Reuters has reported. The licences are for the production of 2 million tonnes of reinforcing bars and 1 million tonnes of billet steel. The month-long tender by the Industrial Development Authority (IDA) comes as the government seeks to boost steel production to meet growing demand from the construction industry and stabilise prices.