Al Gioshy Steel wants to expand: Al Gioshy Steel is in talks with several Italian suppliers of steelmaking equipment — including Danieli and Sider Engineering — to install a production line at its manufacturing facility next year, chairman Tarek Al Gioshy told Al Arabiya.

Who is footing the bill? The new line will come at a cost between EGP 500 mn and EGP 1 bn. The steel manufacturer is hoping to secure payment plans with favorable terms from its suppliers and in case that doesn’t work out it will look at banks to fund the cost of the new line, he added.

Al Gioshy wants to double its output this year: The company aims to double its output to 200-240k tons this year, up from the 100k tons it produced in 2023, Al Goishy said. It currently has one rebar production line with a maximum capacity of 300k tons.

A billet production line coming up next? Al Gioshy Steel will soon seek a smelting license from the Industrial Development Authority to add a billet production line, Al Gioshy said.

Listing plans pushed back again: The company has pushed back its plan to offer a stake on the EGX to 2027, after targeting a 2024 date, according to Al Gioshy.

Remember: The steel manufacturer has been considering an IPO since at least 2019, but tough market conditions due to the pandemic prompted it to put the plans on hold.

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