ArcelorMittal eyeing Egypt partnership: paper

Reuters
1 Min Read

ArcelorMittal, the world’s No. 1 steelmaker, has approached Egyptian Iron and Steel to forge a partnership, an Egyptian newspaper reported on Thursday, citing a top industry official.

The tie-up would help Egyptian Iron and Steel raise LE 15 billion ($2.6 billion), Al-Masry Al-Youm reported, citing an unnamed official at Holding Company for Metallurgical Industries, an affiliate of the Egyptian firm.

The talks could lead to ArcelorMittal helping develop Egyptian Iron and Steel through major investments and transfer of technology and equipment to the Egyptian company’s factory, the paper said.

TAGGED:
Share This Article
Follow:
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms.