Amwal Al Ghad in exclusive report, citing sources familiar with the deal, revealed that Egyptian steel maker Ashry Steel Group is looking to finalise its acquisition of the Arab Company for Special Steel by January 2022. Sources said that Ashry Steel Group seeks to buy a 100% stake of ARCOSTEEL as part of an expansion plan for the local market. The sources did not disclose the value of the price or the termsIn June, Ashry Steel agreed to buy stakes of three shareholders of ARCOSTEEL. ARCOSTEEL’s shareholding structure consists of the National Bank of Egypt, which is the biggest shareholder, in addition to the National Investment Bank, Industrial Development Bank, Misr Insurance, Metallurgical Industries Holding Company, Egyptian Reinsurance Company, Egyptian General Petroleum Corporation and Suez Canal Authority.ARCOSTEEL was established in 1992. The company is located at the 5th industrial zone in Sadat City of Egypt and is equipped with the latest technology in steel manufacturing, rolling mills, finishing, heat treatment and utilities equipment. ARCOSTEEL’s Current annual designed production capacity is 140,000 tonnes of stainless steel, free cutting steel, spring steel, case hardening steel, and quenching & tempering steel
Amwal Al Ghad in exclusive report, citing sources familiar with the deal, revealed that Egyptian steel maker Ashry Steel Group is looking to finalise its acquisition of the Arab Company for Special Steel by January 2022. Sources said that Ashry Steel Group seeks to buy a 100% stake of ARCOSTEEL as part of an expansion plan for the local market. The sources did not disclose the value of the price or the termsIn June, Ashry Steel agreed to buy stakes of three shareholders of ARCOSTEEL. ARCOSTEEL’s shareholding structure consists of the National Bank of Egypt, which is the biggest shareholder, in addition to the National Investment Bank, Industrial Development Bank, Misr Insurance, Metallurgical Industries Holding Company, Egyptian Reinsurance Company, Egyptian General Petroleum Corporation and Suez Canal Authority.ARCOSTEEL was established in 1992. The company is located at the 5th industrial zone in Sadat City of Egypt and is equipped with the latest technology in steel manufacturing, rolling mills, finishing, heat treatment and utilities equipment. ARCOSTEEL’s Current annual designed production capacity is 140,000 tonnes of stainless steel, free cutting steel, spring steel, case hardening steel, and quenching & tempering steel
