Bloomberg reported that the Egyptian government has decided to honor four steel production licenses, including two for Ezz Steel, which had been revoked by a court decision.

Mr Mahmoud Issa minister of industry and foreign trade said that Ezz Steel, Tiba Steel and the Egyptian Sponge Iron & Steel Company Beshay will make payments for the production licenses which have a total value of EGP 1.18 billion. Each of the licenses for Ezz Steel is valued at EGP 330 million.

He said that the companies will pay 15% of the value of the license immediately and the remainder will be paid over 5 years, with a grace period of 18 months.

An Egyptian court had revoked the licenses, saying they had not been awarded legally.

(Sourced from www.bloomberg.net)