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Ezz Aldekhela Steel agrees to buy 18% of Egyptian Steel for EGP 2.5 billion

The Board of Directors of EL Ezz Aldekhela Steel held on 9/12/2021, approved the purchase of 18% of the total equity in the Egyptian Steel Company for the management of steel mill projects from Ahmed Hamdi Abu Hashima, the founding partner, and the Abu Hashima Steel Company for the management of steel projects.

The total value of the purchase was estimated at about EGP 2.5 billion, to be paid from the company’s resources. The council also approved the study of the independent financial advisor regarding the fair value of the Egyptian Steel Group Company for managing steel mill projects, according to a statement by the Egyptian Stock Exchange.

On the results of its consolidated and non-consolidated business for the period from 01/01/2021 to 09/30/2021, which showed a consolidated net profit of EGP 3.214 billion , compared to a consolidated net loss of EGP 3.479 billion for the same period of the previous year.

 

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Arab Iron and Steel Union was established in Algeria in 1972 as the first Arab Union of the Arab countries to be founded under the Council of Economic Unity umbrella in the League of Arab States.

It is the first Arab organization to specialize in the iron and steel field, and its tasks fall within making plans aimed mainly at developing and growing the iron and steel industry in the Arab world.

Arab Iron and Steel Union comprises a wide range of multi-activity companies related to the iron and steel industry from the Arab countries.

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