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Key Points
- Ahmed Ezz's stake in Ezz Steel has surged nearly $58.66 million, bringing his holdings closer to $1 billion.
- Ezz Steel’s market capitalization reached $1.4 billion, driven by a 6.27% rise in stock price and robust production capacity.
- Ezz Steel outperforms with a 20.23% year-to-date gain, reflecting strong investor confidence and a promising outlook for Egypt’s steel sector.
Egyptian steel tycoon, Ahmed Ezz, has seen the market value of his stake in Ezz Steel, the Middle East’s largest steel producer, climb closer to the $1 billion mark following a recent surge in stock prices on the Egyptian Exchange (EGX). This increase has not only added to Ezz's wealth but also reinforced his position as a key player in the region's industrial landscape.
Ezz, who owns 66.45 percent of Ezz Steel—equivalent to 364,047,977 shares—saw the value of his holdings rise by EGP2.97 billion ($58.66 million), bringing the total value of his stake to $994.42 million. This marks a significant rebound from the previous month, when his stake had dropped to $963.44 million, highlighting a clear recovery in his financial standing.
Ezz Steel surges, market capitalization hits $1.4 billion
Ezz Steel, the largest steelmaker in the Middle East and North Africa (MENA), boasts a robust production capacity of 7 million metric tons annually, outpacing regional competitors like Saudi Arabia’s Hadeed and the UAE’s Emirates Steel. The company continues to dominate Egypt’s steel market, driven by strong local demand and its strategic export operations.
Recently, Ezz Steel's stock saw a notable increase, rising 6.27 percent from EGP130 ($2.57) on March 17 to EGP138.15 ($2.73). This uptick pushed the company's market capitalization to over $1.4 billion. The surge highlights a growing investor confidence in Egypt’s industrial sector, supported by steady local demand and a favorable economic environment.
Over the past 16 days, Ezz’s wealth has seen a steady rise, with the value of his stake climbing from EGP47.33 billion ($935.76 million) to EGP50.29 billion ($994.42 million). This growth has helped recover losses from earlier, cementing his role as a key figure in Egypt’s steel industry.
Investor confidence in Ezz steel rebounds
Ezz Steel has been a top performer on the EGX, gaining 20.23 percent year to date—outpacing many other industrial stocks. For investors, a $100,000 investment in Ezz Steel at the beginning of the year would now be worth $120,230, reflecting a $20,230 gain.
Looking ahead, the future remains promising for Ezz Steel. The company’s growth highlights the resilience of Egypt’s steel sector, even amid global economic challenges. With strong demand for steel and continued expansion, Ezz Steel is well-positioned to thrive in the coming months, further solidifying its place as a cornerstone of the MENA industrial landscape.