Egyptian steelmaker Al Ashry Steel Group plans to offer 20-30pct of its shares on the Egyptian Exchange in the first half of 2027 as part of efforts to diversify financing sources and support expansion plans, chairman Ayman Al Ashry said, according to local media.
The group has started preparations for the offering and is conducting a study to determine the appropriate structure and timing. It is also evaluating financial advisers and offering managers, with a selection expected by the end of this year.
The planned listing comes alongside the group’s investment programme, which includes expanding production capacity and diversifying funding sources. The group has applied for two licenses to produce steel billets, each with an annual capacity of 500,000 tons, for a combined targeted capacity of 1 mln tons per year.
The two billet projects are expected to require investments of around USD 250 mln. The expansion aims to increase domestic billet availability, support steel producers’ raw material requirements and reduce reliance on imported materials.
Founded in 1983, Ashry Steel has an annual production capacity of around 2 mln tons, manufacturing rebar, merchant bars and ERW welded tubes, and operating a flat steel service center. The company is currently developing a 1 mln tons per year billet plant, a 250,000 tons per year seamless stainless steel pipe facility, and a cold-rolling complex in Sadat City with 350,000 tons per year capacity for galvanized and pre-painted steel products.