Suez Canal Bank has signed a cooperation agreement to provide Ashry Steel Group with EGP 2.35 bln (USD 46.1 mln) in credit facilities. The funding will support the group’s working capital needs, enabling its expansion, boosting production capacity to meet domestic demand, and enhancing export capabilities.
Ayman El-Ashry, Chairman of Ashry Steel Group, stated that the credit facilities would significantly enhance the group’s competitiveness in both local and international markets. He emphasized that this funding is a vital step in driving economic development and advancing the company’s long-term growth plans.
Established in 1983, Ashry Steel is a prominent Egyptian steel producer with an annual production capacity of 2 mln tons. The company manufactures a wide range of steel products, including rebar, merchant bars, and ERW welded tubes.
1 USD / 50.87 EGP
