Egypt’s OCI to Build $1.4 Billion Fertilizer Plant in Iowa
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Orascom Construction Industries, Egypt’s biggest publicly traded company, said it will build a $1.4-billion fertilizer plant in Iowa, the biggest investment in the state’s history.
The planned project, with an annual production capacity of 1.5 to 2 million tons, will take advantage of low natural-gas prices and growing U.S. demand for fertilizers, Chief Executive Officer Nassef Sawiris said in a telephone interview from New York yesterday. OCI is also finalizing an acquisition of Des Moines-based Weitz Co., a construction company that will assist in building the plant, he said.