Ezz Steel

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Ezz Steel Co S.A.E.
(حديد عز (ش.م.م
Company type Société Anonyme Égyptienne
EGX: ESRS
IndustrySteel
Founder Ahmed Ezz
Headquarters Cairo, Egypt
Website ezzsteel.com
Ezz Steel in Sadat City Ezz Steel-Sadat City.jpg
Ezz Steel in Sadat City

Ezz Steel is the largest steel company in Egypt, the Middle East and North Africa Region,. [1] It was founded in 1994 by Ahmed Ezz, [2] an entrepreneur and former National Democratic Party MP, who was tried for profiteering and squandering public funds after the 2011 revolution, in a case that was settled for $96 million in 2018. [3] In 1999, Ezz Steel was listed on the Egyptian Exchange under the ticker symbol ESRS, [4] and has depositary receipts listed on the London Stock Exchange under the ticker symbol AEZD. [5] As of March 2023, Ahmed Ezz owned 60.71% of Ezz Steel through his Ezz Holding Company, while the Bank of New York Mellon held 5.82% of the company. [6] Currently, Ezz Steel is listed as number 6 in Forbes' Top 50 Listed Companies in Egypt 2023. [7]

Contents

Subsidiaries

In addition to its own production, Ezz Steel owns, or holds majority shares in a number of subsidiaries.

Al-Ezz Dekheila Steel Co. – Alexandria

Ezz Steel holds a majority stake in Al Ezz Dekheila Steel Co. – Alexandria (Arabic : العز الدخيلة للصلب – الاسكندرية). It was originally established in 1986 as the Alexandria National Iron and Steel Company (ANSDK) in 1982 by Egyptian public-sector institutions, Japanese institutions and global financial institutions, [8] led by industrialist and former Minister of Industry, Ibrahim Salem Mohammedin, who also served as its chairman from 1982 until 2001. [9] In 1995 it was listed on the EGX under the ticker IRAX, [10] while Ezz Steel started buying stakes in the company in 1999. [8]

As of March 2023, Ezz Steel held 64% of the company, while the Egyptian government held over 22% through a number of state owned enterprises led by the National Investment Bank and the National Bank of Egypt. [11]

Egyptian Steel Group

Ezz Steel indirectly owns 18% of the Egyptian Steel Group (مجموعة حديد المصريين), through Al Ezz Al Dekheila Steel since 2021. Egyptian Steel is a holding company based in Egypt, co-founded by industrial and media tycoon, and senator, Ahmed Abu Hashima in 2010 when he was 35 years old, [12] along with Qatari royal, Shiekh Mohamed Abou Suhaim Al Thani, who was reported to hold 70% of the company. [13] It manufactures 1.68 million tons of reinforced steel rebars and wire rods per year, [14] giving it a 16% market share of the 9.8 million tons produced in 2022. [15]

As a holding company it owns National Port Said Steel (NPSS), and IIC for Steel Plants Management which run four plants in Beni Suef, Ain Sokhna, Alexandria, and Port Said. [14] In 2018, the Egyptian Armed Forces' National Services Project Organization (NSPO) bought an 82% stake in the company giving it effective control, and the ability to "ensure the stability of supply and prices, prevent monopolies in strategic sectors and goods, and support the work of the military institution in mega-projects." [16] Three years later, Al Ezz Al Dekheila Steel bought out Abu Hashima's remaining 18% stake, [16] [17] ending his involvement with the company, and establishing a partnership between Ezz and the military. [16]

Others

Ezz Steel holds a 64% direct and indirect stake in Al-Ezz Flat Steel Company (EFS) in Suez and a 99% of Al-Ezz Rolling Mills Company (ERM) in 10th of Ramadan City. [18]

Steel production

Ezz Steel operates four steel plants in Alexandria, Sadat City, Suez, and 10th of Ramadan City.

Ezz Steel is ranked 87th of the world biggest steel producers as per the 2015 World Steel Association Ranking with total production capacity of 3.2 million tons per year (2015), representing more than half of Egypt total annual production of 6 million tons.[ citation needed ]

Ahmed Ezz was the chairman and managing director of EZDK, As he submitted his resignation in 2011 after 25 January Revolution. Mr Farouk Zaki Ibrahim is the current Chairman of EZDK. Paul Chekaiban is the current chairman and managing director of Ezz Steel.[ citation needed ]

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References

  1. ↑ "arabsteel.info". arabsteel.info. Retrieved 14 April 2023.
  2. ↑ Steel, Ezz. "Growth History". Ezz Steel. Retrieved 14 April 2023.
  3. ↑ "Egypt drops case against Mubarak-era steel tycoon: judicial sources". Reuters. 8 March 2018. Retrieved 14 April 2023.
  4. ↑ "
  5. ↑ "EZZ STEEL COMPANY – S.A.E." www.londonstockexchange.com. Retrieved 14 April 2023.
  6. ↑ "El ezz steel (ESRS.CA) – Disclosure Form for the BoD & the Shareholders' Structure". english.mubasher.info. Retrieved 14 April 2023.
  7. ↑ Mughal, Waqar. "Egypt's Top 50 Listed Companies 2023". Forbes Lists. Retrieved 18 June 2023.
  8. 1 2 Steel, Ezz. "Al Ezz Dekheila Steel Co. – Alexandria S.A.E (EZDK)". Ezz Steel. Retrieved 14 April 2023.
  9. ↑ Diab, Ahmed Hamid (13 November 2018). "وفاة إبراهيم سالم محمدين وزير الصناعة الأسبق عن عمر 97 عاما". elwatannews.com. Archived from the original on 16 November 2018. Retrieved 2 December 2018.
  10. ↑ "Al-Ezz Dekheila Steel Co. – Alexandria". english.mubasher.info. Retrieved 14 April 2023.
  11. ↑ "EL Ezz Aldekhela Steel – Alexandria (IRAX.CA) – Disclosure Form". english.mubasher.info. Retrieved 14 April 2023.
  12. ↑ Nsehe, Mfonobong. "5 Egyptian Multi-Millionaires You Should Know". Forbes. Retrieved 13 April 2023.
  13. ↑ "Looking into the latest acquisition of Egyptian media companies by general intelligence". Mada Masr. 21 December 2017.
  14. 1 2 "Egyptian Steel". egyptian-steel.com. Retrieved 13 April 2023.
  15. ↑ "Egypt emerges as top steel producer in Africa, 2nd in MENA – Economy – Business". Ahram Online. Retrieved 13 April 2023.
  16. 1 2 3 "Ezz Steel to buy Abu Hashima's Egyptian Steel shares". Mada Masr. 14 December 2021.
  17. ↑ "Egypt's largest steel producer acquires 18% of Egyptian Steel at $160m". Arab News. 13 December 2021. Retrieved 13 April 2023.
  18. ↑ "ABOUT US." Ezz Steel. Retrieved on 7 May 2013.
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