Beshay Steel sells minority stake to NSPO

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.