Beshay Steel sells minority stake to NSPO



Wed, 13 Sep 2023 - 04:26 GMT


Wed, 13 Sep 2023 - 04:26 GMT

CAIRO - 13 September 2023: The National Service Projects Organization (NSPO) in Egypt acquired up to 24 percent of 3 companies owned by the Beshay Steel Group. The deals amounting to about LE 10 billion pounds ($324 million) to settle debts, according to two unnamed sources cited by Ashraq Bloomberg.

The deal entails these companies: Egyptian Sponge Iron and Steel Company, Egyptian American Steel Rolling Company, and International Steel Rolling Mills Company account for most of Beshay’s production.

Prime minister, Mostafa Madbouly, announced in a cabinet statement that Egypt will set up an integrated industrial complex for the production of flat steel in cooperation with an unnamed international company with an investments of $1 billion.

Earlier today, local media also reported that the ministry of finance is considering selling another 10 percent to 15 percent of Telecom Egypt (TE) to investors and the sale is expected to happen before the end of the year.



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