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National Bank of Egypt acquired 51% of ArcoSteel

Economic News

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.

 

 

 

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