Ahram reported that Ezz Steel’s Al Ezz Dekheila Steel Company board of directors have approved to purchase of Egyptian businessman Mr Ahmed Abu Hashima’s 18% stake in the Egyptian Steel Company, with a total value of EGP 2.5 billion. The stake represents the ownership rights in the Egyptian Steel Company, which includes the management of the steel plant projects from Mr Ahmed Abu Hashima, the founding partner and the Abu Hashima Company for managing steel projectsEgyptian Steel was established in September 2012. Al Ezz Dekheila Steel Company is Egypt-based and engaged in the manufacture and production of steel in different types and forms. The Company’s direct subsidiaries include Al Ezz Steel Sheet Manufacturing Company SAE, which focuses on the production of coil and rolled flat steel strips, and Steel Company for Industry, Trade and Contracting Company (Contrasteel) SAE, which is specialized in the manufacture and trade in all types of metal and metal products. Moreover, the company holds shares, indirectly, in Egypt Company for the Manufacture of Pipes Supplies and Casting SAE, which is engaged in manufacturing pipe supplies, construction supplies, and mechanical equipment.With the this transfer, Al Ezz Dekheila will be having the lion share of the iron and steel market with a total market share of about 76%, as the company acquires 53% of the market, while Egyptian Iron and Steel Company accounts for 23% of the market.Ezz Steel is the largest independent steel producer in the Middle East and North Africa, with a steel production capacity amounts to 7 million tonnes annually.