The CEO of Egyptian Steel Company announced planning to go public following the completion of its ex¬pansion plans, which include the opening of a new Beni Suef mill in July 2015 and Al Ain Al Sokhna mill by the beginning of 2016, according to Bloomberg.
The new US$ 1.0bn facilities are expected to increase annual production capacity to 1.7m tons of rebar and 1.6m tons of billets, raising the company’s market share to 20-25% versus 10% currently.
The company has finalized an EGP 1.7bn loan to be used for the Sokhna factory. Egyptian Steel plans to request cabinet approval to construct a 4.0m tons/annum cement mill and a 1.0m ton/annum direct-reduced iron (DRI) facility, both coal-operated, and expects annual growth of 6-7% starting 2015, said the top official.
The new US$ 1.0bn facilities are expected to increase annual production capacity to 1.7m tons of rebar and 1.6m tons of billets, raising the company’s market share to 20-25% versus 10% currently.
The company has finalized an EGP 1.7bn loan to be used for the Sokhna factory. Egyptian Steel plans to request cabinet approval to construct a 4.0m tons/annum cement mill and a 1.0m ton/annum direct-reduced iron (DRI) facility, both coal-operated, and expects annual growth of 6-7% starting 2015, said the top official.
Source:
Mubasher
