Ezz Steel announced that its shares have been delisted from the Egyptian Stock Exchange (EGX) as of March 13, 2025. In response, the company has set up an over-the-counter (OTC) trading facility using the EGX’s electronic system, which began operations on March 16, 2025, for an initial three-month period, subject to extension.
The delisting does not affect Ezz Steel’s Global Depositary Receipts (GDRs) on the London Stock Exchange, though the company expects to delist its GDRs by April 10, 2025.
Ezz Steel faces ongoing challenges, including a blast furnace malfunction at its Suez plant in November 2024, which could impact annual output, flat steel sales, and foreign currency revenues. Additionally, the European Commission’s provisional anti-dumping duties of 15.6pct on flat steel imports from Egypt, set to take effect on April 7, pose further obstacles. The company plans to formally challenge the EU’s duty calculation methodology.
Ezz Steel operates four fully integrated steel plants in Egypt with a total production capacity of 7 mln tons of flat and long steel products annually.