On March 23, Egypt's largest steel producer Ezz Steel announced that the ongoing investigation regarding its major shareholder and chairman Ahmed Ezz is not expected to impact the management of the business.
Underlining that the investigation is strictly personal to Mr. Ezz, Ezz Steel also said that Mr. Ezz strongly denies any wrongdoing and is confident that he will be cleared of charges following due legal process.
According to Ezz Steel's statement, Mr. Ezz's role at the company has largely been focused in recent years on his responsibilities as chairman, while the day-to-day management of the business has been conducted by a professional management team, which remains in place.
Ezz Steel remarked that its plants are operating at normal capacity.