Last checked at 2 Jul 2013 07:00
ezzsteel cleared of monopolistic acts by Economic Court of Misdemeanours
Cairo 2 July, 2013 - ezzsteel (EGX: ESRS; London Stock Exchange: AEZD), the largest independent producer of steel in the MENA region and market leader in Egypt, today released the following statement following a ruling on 30 June 2013 by the Economic Court Misdemeanours Circuit, headed by Justice Hanan Dahrouj. In this ruling, ezzsteel, Ahmed Ezz and all other individuals associated with the accusation were acquitted of monopolistic acts in the Egyptian steel market.
ezzsteel wishes to clarify that this judgment cleared the company of monopolistic acts. It is worth noting that the judgment is subject to appeal by the Public Prosecutor within 30 days, but ezzsteel is confident that the result will be in favour of the Company even if it is subject to an appeal.
The Egyptian Competition Authority had already investigated ezzsteel for anti-competitive practices on two prior occasions, once before and once after the revolution.
The first report in 2009 covered the period from May 2005 until the end of 2006, and the second report was issued in 2012 and covered the period from 2007 to 2010. Both reports concluded that ezzsteel did not engage in any anti-competitive practices.
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About ezzsteel
ezzsteel (formerly: Al Ezz Steel Rebars) is the largest independent steel producer in the Middle East and North Africa, and the Egyptian market leader, with a total actual capacity of 5.8 million tonnes of finished steel.
In 2012, the Company produced 3.9 million tonnes of long products (typically used in construction) and 893 thousand tonnes of flat products (typically used in consumer / industrial goods). ezzsteel's customer base is geographically diversified, with flat products mainly directed to export markets, whereas long products are sold in the domestic market. ezzsteel deploys the latest in modern steel making technology and is committed to further increasing vertical integration across its plants, to boost operational flexibility.