{"id":606244,"date":"2023-09-13T00:00:00","date_gmt":"2023-09-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/13\/military-acquires-minority-stakes-in-private-sector-steel-companies\/"},"modified":"2023-09-13T00:00:00","modified_gmt":"2023-09-13T00:00:00","slug":"military-acquires-minority-stakes-in-private-sector-steel-companies","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/13\/military-acquires-minority-stakes-in-private-sector-steel-companies\/","title":{"rendered":"Military acquires minority stakes in private-sector steel companies"},"content":{"rendered":"

Beshay Steel sells minority stake to NSPO: <\/strong>Military-owned conglomerate the National Service Projects Organization (NSPO) has acquired minority stakes in three private-sector steel companies owned by Beshay Steel Group<\/a>, according to a report from Asharq Business<\/a> yesterday citing two sources it said are familiar with the matter.<\/p>\n

The details: <\/strong>Beshay Steel sold up to 24% stakes in each of the three companies to the NSPO for around EGP 10 bn, according to Asharq. The transaction took place in the over-the-counter market on the EGX.<\/p>\n

Beshay Steel is one of the region\u2019s largest private-sector steel producers<\/strong>, churning out some some 4 mn tons of product a year, according to its website<\/a>.<\/p>\n

What the NSPO bought: <\/strong> The companies \u2014 Egyptian Sponge Iron and Steel Company, Egyptian American Steel Rolling Company, and International Steel Rolling Mills Company \u2014 account for the bulk of Beshay\u2019s production. Egyptian Sponge is the company\u2019s largest subsidiary, producing around 2 mn tons of steel per year. Meanwhile, Egyptian American has an annual capacity of 1.2 mn tons and International Steel produces 700k tons.<\/p>\n

Who owns what <\/strong> : <\/strong> The companies were previously wholly owned by Beshay Steel, which is 100% owned by the Beshay family, according to the company\u2019s LinkedIn<\/a> page.Representatives of Beshay were not immediately available for comment. <\/p>\n

Background: These are tough times for steelmakers. <\/strong> The ongoing economic crisis is causing losses to mount among steel producers, who are facing soaring production costs, slowing demand and raw material shortages.<\/p>\n

The military has increased its presence in the steel industry in recent years<\/strong>, acquiring Suez Steel<\/a> in 2016 and Egyptian Steel<\/a> in 2018. The two companies\u2019 combined capacity is around 3.7 mn tons a year.<\/p>\n

Remember: The NSPO has been staking its claim in the energy sector. <\/strong> The company is expected to sell its Wataniya fuel retailing business as part of the government\u2019s privatization program, but in July acquired a 20% stake<\/a> in fuel retailer Taqa Arabia, which a few weeks later submitted a non-binding offer<\/a> to acquire an unspecified stake in Wataniya.<\/p>\n","protected":false},"excerpt":{"rendered":"

Beshay Steel is one of the largest steel companies in the country<\/p>\n","protected":false},"author":1,"featured_media":606245,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[11592,317,1598,72,7196,7128,7307,7310],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-606244","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-beshay-steel","tag-commodities","tag-domty","tag-enterpriseam","tag-industry","tag-ma-watch","tag-military","tag-national-service-projects-organization","wpautop","entry"],"acf":{"mongo_id":"f6e6630c-be4e-4f18-8241-74ef52ccbe82","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/9\/866.JPG","photo_position":"above","homepage_title":"","full_issue_title":"Egyptian military acquires minority stakes in private-sector steel companies","related_issue":[606237],"teaser":"Beshay Steel is one of the largest steel companies in the country","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/9\/.a3c307be-280c-4cb3-8b39-b0774836f66c.mp3"},"yoast_head":"\nMilitary acquires minority stakes in private-sector steel companies - 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We have a pleasantly brisk but balanced news day so far as the slide towards the weekend gathers steam. THE BIG STORY TODAY New Golden Triangle industrial zone? The General Authority for Freezones and Investment (GAFI) is reportedly in talks with a handful\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/1230.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599760,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/09\/beshay-steel-subsidiary-seeking-egp-3-5-bn-loan-from-local-banks\/","url_meta":{"origin":606244,"position":1},"title":"Beshay Steel subsidiary seeking EGP 3.5 bn loan from local banks","author":"enterpriseam admin","date":"9 January 2019","format":false,"excerpt":"Egyptian Sponge Iron and Steel (ESIS), a subsidiary of Beshay Steel, is holding talks with a number of local banks, including Banque Misr, NBE, CIB, QNB, and the Arab African International Bank, for a EGP 3.5 bn loan to finance expansions, according to Al Mal. 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The five companies \u2014 four of which own household bottled water brands \u2014 are currently in talks with the Sovereign Fund of Egypt (SFE) to take minority stakes of\u2026","rel":"","context":"In "Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/413.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568784,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/04\/egypt-takes-its-first-step-toward-privatizing-some-military-owned-companies\/","url_meta":{"origin":606244,"position":3},"title":"Egypt takes its first step toward privatizing some military-owned companies","author":"enterpriseam admin","date":"4 February 2020","format":false,"excerpt":"PRIVATIZATION WATCH- Egypt takes its first step toward privatizing some military-owned companies: The Sovereign Fund of Egypt (SFE) and the National Service Products Organization (NSPO) signed yesterday a cooperation agreement that will see the fund market subsidiaries of military-affiliated NSPO to private investors, the cabinet said in a statement. The\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/47.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":607067,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/26\/kandil-steel-borrows-usd-25-mn-from-ifc-amid-industry-headwinds\/","url_meta":{"origin":606244,"position":4},"title":"Kandil Steel borrows USD 25 mn from IFC amid industry headwinds","author":"enterpriseam admin","date":"26 September 2023","format":false,"excerpt":"The money will help the company pay for raw materials and maintain production amid the FX crunch and soaring inflation","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1530.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597426,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/25\/egypts-administrative-court-turns-down-pending-appeals-to-bring-back-iron-tariffs\/","url_meta":{"origin":606244,"position":5},"title":"Egypt\u2019s administrative court turns down pending appeals to bring back iron tariffs","author":"enterpriseam admin","date":"25 July 2019","format":false,"excerpt":"The administrative court has rejected all pending appeals to bring back a 15% import duty on iron billets, reports Masrawy. Eight appeals had been lodged by the State Lawsuits Authority on behalf of the ministry and 16 by Beshay Steel and Delta Steel, after twenty-one iron factories won a case\u2026","rel":"","context":"In "Other Business News of Note"","block_context":{"text":"Other Business News of Note","link":"https:\/\/enterpriseam.com\/egypt\/category\/other-business-news-of-note\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/606244","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=606244"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/606244\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/606237"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/606245"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=606244"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=606244"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=606244"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=606244"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=606244"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}