Bakry gunning for Ezz

Abdel-Rahman Hussein
1 Min Read

CAIRO: MP and Editor In Chief of Al-Osboa newspaper Mustapha Bakry has submitted a complaint to the police against steel magnate Ahmed Ezz for monopolizing the steel industry in Egypt.

The District Attorney Abdel-Meguid Mahmoud referred the complaint to the Office of Investigation and sent a copy to Minister of Trade and Industry Rachid Mohamed Rachid so as to pursue the necessary legal steps in the tenets of the complaint.

Bakry accused Ezz of four charges: owning more than 50 percent of shares in the state Dekhela steel company, controlling the steel industry in Egypt, raising the price of steel and violating anti-monopolistic laws.

Mahmoud said in a statement that the complaint also included aspects on violation of protection laws and the prevention of monopolistic practices.

The price of steel has made several leaps recently to reach LE 8,000 per ton. Expectations in the market predict that the price may soar to LE 10,000 a ton in the next few months.

Market analysts say the middle merchants are to blame for the increase in prices more than manufacturers.

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