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 steel manufacturer said that it seeks to be the largest steel manufacturer in Egypt and the Arab world and compete regionally and internationally amid the growing global steel production.

The annual global steel production surged by 120% to 1.9 billion tonnes in 2020 from 850 million tonnes in 2020.

Ezz Steel has managed to be the largest steel manufacturer in Egypt as it generated more than $1 billion in sales during the first nine months of 2021.

The company has adopted a strategy focused on growth through investing in new projects and new existing companies. The company is close to completing a new project to increase its output of liquid steel.

As for the news reports about acquiring a new stake in an existing firm, 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.

Source: Mubasher

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