The Egyptian Algioshy Steel Group announced the completion of its acquisition of the Arabian Steel Industries Company, which is headquartered in the Suez Canal Economic Zone in Ain Sokhna.

Algioshy Group said in a statement that a new board of directors for Arabian Steel Company is scheduled to be formed within days, headed by Tarek Algioshy , owner of Algioshy Group and a member of the Board of Directors of the Chamber of Metallurgical Industries.

Tarek Algioshy said in the statement that the factories of Arabian Steel Industries Company reach a production capacity of about 360 thousand tons annually, and it is targeted to reach the capacity to 500 thousand tons with the start of operation, noting that Arabian Steel Industries possesses a license to produce raw billet, which allows expansion in the production of the material. Raw materials are supplied to local rebar rolling mills, according to the Arab World News Agency.

Algioshy stressed that the local market is still in need of new factories to produce rebar in light of the urban development Egypt is witnessing and new cities in all governorates of the Republic, which doubles the local market’s needs for rebar, adding that companies must keep export in mind.

Algioshy pointed out that an integrated plan has been prepared to restructure the factories of Arabian Steel Industries Company so that they are compatible with international quality standards and that their products meet the requirements of the local and international market.