Essar shows interest in Suez Steel tender

A representative of Indian steelmaker Essar Group has confirmed to SteelOrbis that the company is interested in the tender held for the sale of Egyptian government's 83 percent stake in Suez Steel. Essar Group looks at Suez Steel as an opportunity to grow globally, hence it is too early to speak about the future plans regarding the issue, said the representative of Essar Group. Egyptian mill El Ezz Steel Rebars withdrew from participating in Suez Steel buyout tender, as well as SABIC from Saudi Arabia. Among other bidders in the tender, buyout chance of Al-Ittefaq Steel Products Company (ISPC), one of Al-Tuwairqi Group of Companies, or that of Al Rajhi Steel, both located in Saudi Arabia, is seen high. Tender has been postponed till end of this month.