National Bank of Egypt acquired 51% of ArcoSteel
The General Assembly of the Arab Company for Special Steel – Arcosteel, National Bank of Egypt acquired 51% of its shares, in return for the closure of the historical debt, which came close to 4 billion Egy, in addition to the injection of 600 million Egy in paid-up capital.
Arab Steel Company produces about 180,000 tons of steel , which exports more than 90% of it. The company last year exported $150 million .
Sources pointed out that the company’s plan recently submitted to the National Bank, which included doubling production to 350 thousand tons per year, and pumping a working capital of $800 million , in favor of current expenditures.