Delta Steel up for grabs? Several local steel companies have expressed interest in acquiring state-owned steel manufacturer Delta Steel, Al Borsa reported yesterday, citing anonymous sources it says are in the know. Al Gioshy Steel, El Garhy Steel, and El Marakby Steel are all reportedly in the running to acquire shares in the firm from the Holding Company for Metallurgical Industries, the news outlet claims. The holding company owns 100% of the firm.

What we know for sure: Al Gioshy Steel chairman Tariq Al Gioshy told us yesterday that the company has offered to partner with Delta Steel to develop, manage, and operate a smelting plant for billet production in exchange for a share of the company. Al Gioshy has not yet received a response, he said.

What we don’t: We were unable to reach representatives of El Garhy and El Marakby to verify the accuracy of Al Borsa’s reporting.

The government apparently hasn’t decided what it wants to do with the company: The government has reportedly appointed an advisor to advise on whether it should sell a portion of Delta Steel or fully exit the firm.

What’s next? The Sovereign Fund of Egypt (SFE) is expected to appoint an independent financial advisor to value the company.

Rapid expansion: Delta Steel has upped annual production from 50k tons to 250k tons, Dostor reported last week. It is now looking to double output to 500k tons of steel per year, the news outlet reported, without disclosing a time frame.

A new addition to the privatization program? Delta Steel is not in the official list of 35 state-owned companies and assets earmarked for privatization.

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