{"id":606700,"date":"2023-09-20T00:00:00","date_gmt":"2023-09-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/20\/three-local-steel-companies-are-looking-to-acquire-state-owned-delta-steel\/"},"modified":"2023-09-20T00:00:00","modified_gmt":"2023-09-20T00:00:00","slug":"three-local-steel-companies-are-looking-to-acquire-state-owned-delta-steel","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/20\/three-local-steel-companies-are-looking-to-acquire-state-owned-delta-steel\/","title":{"rendered":"Three local steel companies are looking to acquire state-owned Delta Steel"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> Delta Steel up for grabs? <\/strong>Several local steel companies have expressed interest in acquiring state-owned steel manufacturer Delta Steel, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2023\/09\/19\/1714402\" style=\"\" rel=\"noopener\">Al Borsa<\/a> 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.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> What we know for sure: <\/strong> 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. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> What we don\u2019t: <\/strong> We were unable to reach representatives of El Garhy and El Marakby to verify the accuracy of Al Borsa\u2019s reporting.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The government apparently hasn\u2019t decided what it wants to do with the company: <\/strong> The government has reportedly appointed an advisor to advise on whether it should sell a portion of Delta Steel or fully exit the firm.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> What\u2019s next? <\/strong> The Sovereign Fund of Egypt (SFE) is expected to appoint an independent financial advisor to value the company.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Rapid expansion: <\/strong> Delta Steel has upped annual production from 50k tons to 250k tons, <a target=\"_blank\" href=\"https:\/\/www.dostor.org\/4500388\" style=\"\" rel=\"noopener\">Dostor<\/a> 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.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> A new addition to the privatization program? <\/strong> Delta Steel is not in the official list of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e8a0da43-f922-4a49-b3a9-839f397f8ce4\" style=\"\" rel=\"noopener\">35<\/a> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e8a0da43-f922-4a49-b3a9-839f397f8ce4\" style=\"\" rel=\"noopener\">state-owned<\/a> companies and assets earmarked for privatization.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The gov\u2019t is reportedly studying whether to offer 100% or a smaller share of the company<\/p>\n","protected":false},"author":1,"featured_media":606701,"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":[7321],"tags":[596,11612,72,5318,7196,81,370,587],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-606700","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-delta-steel","tag-el-gahry-steel","tag-enterpriseam","tag-holding-company-for-metallurgical-industries","tag-industry","tag-privatization-watch","tag-sovereign-fund-of-egypt","tag-state-privatization-program","wpautop","entry"],"acf":{"mongo_id":"123c668b-41e9-4f72-a7eb-46cef7541a55","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/9\/1210.JPG","photo_position":"above","homepage_title":"","full_issue_title":"Egypt is looking to sell state-owned steel manufacturer Delta Steel","related_issue":[606689],"teaser":"The gov\u2019t is reportedly studying whether to offer 100% or a smaller share of the company","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/9\/.dea6845e-fe4a-400d-8693-47f7cee75977.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The company has resumed operations at its factory after having\u2026","rel":"","context":"In &quot;Basic Materials + Commodities&quot;","block_context":{"text":"Basic Materials + Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/basic-materials-commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":594018,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/16\/delta-steel-to-open-new-production-line-this-month\/","url_meta":{"origin":606700,"position":2},"title":"Delta Steel to open new production line this month","author":"enterpriseam admin","date":"16 October 2019","format":false,"excerpt":"Delta Steel is planning to bring its new pellet production line online before the end of October, Holding Company for Metallurgical Industries Chairman Medhat Nafie said, according to Al Mal. The new line will raise the company\u2019s output to 250k tonnes of steel per year, up from 50k tonnes currently.\u2026","rel":"","context":"In &quot;Manufacturing&quot;","block_context":{"text":"Manufacturing","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/manufacturing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":554204,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/23\/get-your-liquidation-payout\/","url_meta":{"origin":606700,"position":3},"title":"Get your liquidation payout","author":"enterpriseam admin","date":"23 December 2021","format":false,"excerpt":"Egyptian Iron and Steel workers could soon be compensated after approval of an EGP 1.3 bn loan: The Metallurgical Industries Holding Company (MIHC), the parent company of Egyptian Iron and Steel, has the green light to obtain up to EGP 1.3 bn in financing from local banks to compensate former\u2026","rel":"","context":"In &quot;LEGISLATION WATCH&quot;","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/472.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":622381,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/05\/al-gioshy-steel-to-set-up-new-production-line-in-2025-delays-listing-plans\/","url_meta":{"origin":606700,"position":4},"title":"Al Gioshy Steel to set up new production line in 2025, delays listing plans","author":"enterpriseam admin","date":"5 June 2024","format":false,"excerpt":"The steel manufacturer wants to double its production of rebar in 2024","rel":"","context":"In &quot;Manufacturing&quot;","block_context":{"text":"Manufacturing","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/manufacturing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/6\/404.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598189,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/16\/nine-companies-submit-offers-for-development-of-delta-steel-mill-company\/","url_meta":{"origin":606700,"position":5},"title":"Nine companies submit offers for development of Delta Steel Mill Company","author":"enterpriseam admin","date":"16 May 2019","format":false,"excerpt":"Nine companies have submitted proposals for the USD 45 mn development of the Delta Steel Company, Chemical Industries Holding Company Chairman Medhat Nafi tells Youm7. The company aims to increase its annual production tenfold to 500k tonnes of steel billets, from a current 50k tonnes.","rel":"","context":"In &quot;Other Business News of Note&quot;","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\/606700","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=606700"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/606700\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/606689"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/606701"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=606700"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=606700"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=606700"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=606700"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=606700"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}