CAIRO: Reuters reported that Ezz Steel said on Thursday it had been granted a license to build a new steel plant in Egypt.
The financial daily Al-Alam Al-Youm said that Egypt’s General Authority for Industrial Development had approved licenses for four Egyptian companies, including Ezz Steel, to build four new steel plants.
“What was published about the company obtaining a license to build a new steel plant…is accurate, the company said in a statement released through the Egyptian stock exchange. A company spokeswoman declined to give further details.
Ezz Steel posted a 21 percent rise in third-quarter net profit on Dec. 17, citing construction demand in Egypt driving up sales. Shares in Ezz Steel closed 3.5 percent up at LE 71.28 pounds on Thursday. -Agencies