Sources revealed that Al-Ashry Steel Group acquired all the shares of the Arab Company for Special Steel (Arco Steel), which is affiliated to the National Bank of Egypt.
The deal took place in several segments during the past three months. The “Al-Ashry Steel” Group’s acquisition of “ArcoSteel” came within the framework of its expansion plan, through which it aims to acquire a 22% share of the steel market locally, explaining that it owns three factories: in Qalyubia, in 10 Ramadan and October 6.
The Arab Special Steel Company “ArcoSteel” was established in 1992 as an Egyptian joint stock company under Law 230/1989, with a total investment of about $278 million, and a current annual production capacity of 140,000 tonnes of high-quality iron to cover the requirements of the local market and for export to both Arab and European countries.
