The CEO of the Egyptian company, Ezz Steel, Ahmed Ezz, in an interview with Al-Arabiya, denied any intention To merge the two companies, Ezz Dekheila and Ezz Steel.
Ahmed Ezz said that Ezz Steel’s investment in Egyptian Steel is an investment for the future, given the conviction of the technology used in Egyptian Steel, with confidence in the feasibility of investing in it.
He added that investing in Egyptian Steel is a silent partnership, “and we do not interfere in the management, taking into account all legal considerations.”
Al Ezz Dekheila Steel – Alexandria, the largest producer of rebar in the Middle East and North Africa, had acquired 18% of the total equity in Egyptian Steel for managing steel mill projects from Ahmed Hamdi Abu Hashima, the founding partner, and the Abu Hashima Steel Company for managing steel projects at a value of The total purchase amount is 2.5 billion pounds, to be paid from the company’s resources.
Regarding the group’s debts, Ahmed Ezz said that the ratio of debt to the value of assets is very low, and the ratio of debt to one ton of production is within safe limits, as well as for the sector in the world.
Ahmed Ezz revealed the investment during the last year in an important expansion that exceeds more than one million tons of liquid steel, which will enter production at the beginning of next year, and thus it is expected that Ezz Steel’s production of liquid steel in 2023 will reach more than 6.5 million tons if the demand pattern continues as it is. .
Press reports had stated that the Egyptian businessman, Ahmed Ezz, is considering merging the two companies, “Ezz El Dekheila and Ezz Steel” into one entity, provided that this is done by the share swap system, provided that the proposed initial name for the new entity is “Ezz Holding” or “Ezz Holding.” Ezz,” which was denied by Ahmed Ezz.