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Ezz Steel says no notice yet on Algeria deal - Daily News Egypt

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Ezz Steel says no notice yet on Algeria deal

Ezz Steel has not received any formal notification from the Algerian authorities regarding its $750 million Algeria project, it said in a statement to Egypt’s stock exchange on Sunday. Algerian Industry and Investment Minister Hamid Temmar on Thursday said the government froze the 2007 deal with Ezz Steel and was in talks with other investors …


Ezz Steel has not received any formal notification from the Algerian authorities regarding its $750 million Algeria project, it said in a statement to Egypt’s stock exchange on Sunday.

Algerian Industry and Investment Minister Hamid Temmar on Thursday said the government froze the 2007 deal with Ezz Steel and was in talks with other investors to replace the Egyptian firm.

"We have not received any official notification from the Algerian authorities noting any changes to Ezz Steel’s project in Algeria," the statement said.

Ezz Steel could not be immediately reached for comment. Shares in the firm closed down 1.1 percent on Sunday.

Temmar said the Algerian government had asked the Egyptian steel magnate to bring the project in line with a 2009 law which caps foreign ownership of new Algerian businesses at 49 percent.

Algeria was considering firms to replace Ezz, including ArcelorMittal and Algerian private firm Cevital.

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https://www.dailynewsegypt.com/2010/05/31/ezz-steel-says-no-notice-yet-on-algeria-deal/
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