Ezz Steel submits offer to acquire Arcosteel

The largest Egyptian steel producer Ezz Steel Rebars S.A.E (Ezz Steel) has announced the submission of an offer to the country's government to acquire a minimum 83 percent and up to a 100 percent stake in Egyptian special steel producer Arcosteel.

The Egyptian government's stake in Arcosteel has been offered for sale as a part of the government's privatization program.

In 2006, Arcosteel produced 150,000 metric tons of special steel products, which were mainly sold to export markets, in particular to the European Union countries, Iran, Pakistan and to states in the Arabian Peninsula.

Arcosteel's production mix includes stainless steel, free cutting steel and alloy steel, in addition to billets, round and square bars, and wire rod.

The final decision on the success of Ezz Steel's bid is expected to be taken on September 30.