The CEO of the Egyptian company, Ezz Steel, Ahmed Ezz, in an interview with Al-Arabiya, denied any intention To merge the two companies, Ezz Dekheila and Ezz Steel.
Ahmed Ezz said that Ezz Steel’s investment in Egyptian Steel is an investment for the future, given the belief in the technology used in Egyptian Steel, with confidence in the feasibility of investing in it.
He added that investing in Egyptian Steel is a tacit partnership “and we do not interfere in the management, taking into account all legal considerations”.
Al Ezz Dekheila Steel – Alexandria, the largest rebar producer in the Middle East and North Africa, had acquired 18% of the total capital of Egyptian Steel for the management of steel mill projects from Ahmed Hamdi Abu Hashima, the founding partner, and from Abu Hashima Steel Company for the management of steel projects worth the total purchase amount is 2.5 billion pounds, payable with the company’s resources.
Regarding the group’s debts, Ahmed Ezz said the debt-to-asset-value ratio is very low and the debt-to-a-ton of output ratio is within safe limits, just like for the industry around the world.
Ahmed Ezz revealed last year’s investment in a major expansion exceeding 1 million tonnes of liquid steel, which will go into production early next year, and thus Ezz Steel’s liquid steel production is expected in 2023 it will reach more than 6.5 million tons if the demand pattern continues as it is.
The press had claimed that the Egyptian businessman, Ahmed Ezz, is considering merging the two companies, “Ezz El Dekheila and Ezz Steel” into a single entity, provided that this is done through the trading system. of shares, provided that the proposed initial name for the new entity is “Ezz Holding” or “Ezz Holding”. Ezz “, denied by Ahmed Ezz.
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