10th Sep 2007 10:25
Al EZZ Steel Rebars S.A.E.10 September 2007 Ezz Steel Announces Submission Of Bid To Acquire Arcosteel Cairo, 10 September 2007 - Al Ezz Steel Rebars S.A.E. ("Ezz Steel") (CASE: ESRS;London Stock Exchange: AEZD), the largest independent producer of steel in theMENA region and market leader in Egypt, today announced that on the 9th ofSeptember 2007, Ezz Steel and its subsidiaries presented an offer to acquire aminimum of 83% and up to 100% of the equity of Arcosteel, a special steelproducer located in Sadat City. In 2006, Arcosteel produced approximately 150thousand tons of special steel mainly directed at the export market. The Government's interest in Arcosteel has been offered for sale as part of theGovernment's privatization program and the last date for submitting offers was9th of September 2007. Ezz Steel has been notified that a final decision on thesuccessful bidder will be taken on the 30th of September 2007. Due to theconfidential nature of the bidding process, no further details of the bid can bedisclosed at this stage. - Ends - Enquiries: Ezz Steel Tel MobileKamel Galal + 20 2 3762 2144 + 20 10 539 5499 Capital MS&LNeil Doyle + 971 4367 6160 + 971 508 432 465Jennifer Martin + 44 20 7307 5335 + 44 7841 401304 About Al-Ezz Steel Rebars Co. S.A.E. Al Ezz Steel Rebars (Ezz Steel) is the largest independent steel producer in theMiddle East and North Africa, with a total actual capacity of 5.3 million tonnesof finished steel per annum in 2006. It is the Egyptian market leader with over65% market share in terms of sales. In the first six months of 2007, it produced 1.5 million tonnes of long products(typically used in construction) and 834 thousand tonnes of flat products(typically used in consumer / industrial goods). Ezz Steel's customer base isgeographically diversified, with flat products mainly directed to exportmarkets, whereas long products are typically sold in the local and regionalmarkets. More than 70% of its plants are less than 10 years old using the latestin modern steel making technology. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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