Cairo – Mubasher: Ezz Steel responded to news reports about its intention to acquire a stake in one of the existing iron and steel companies.
In a bourse disclosure on Sunday, the largest steel manufacturer in Egypt and the Arab world said it seeks to compete regionally and internationally amid the growing global steel production.
Over the past two decades, the annual global steel production surged by 120% to 1.9 billion tonnes in 2020 from 850 million tonnes in 2000.
It is worth noting that Ezz Steel generated more than $1 billion in sales during the first nine months of 2021.
The company has adopted a strategy continuously striving to achieve growth through investing in new projects and existing companies.
Ezz Steel is currently close to completing a new project to increase its production capacity of liquid steel.
About investments in existing firms, Ezz Steel said that it will disclose all the details in a timely manner after the completion of a financial evaluation and a legal audit which are needed for any new investment.
The company affirmed its commitment to complying with the competition protection and anti-monopoly laws.
