Japanese steelmaker JFE Steel Corporation has announced that together with Japanese steelmaker Marubeni-Itochu Steel Inc. (MISI), it has acquired a combined 16.5 percent of the outstanding shares in Kandil Steel, Egypt’s main manufacturer of cold rolled and coated steel, which will undergo further restructures in its enhancements and preparations for prosperous future. As a result, JFE Steel holds 4.4 percent of the outstanding shares and MISI holds 12.1 percent.
As the largest steel markets in the Middle East and North Africa, Egypt is expected to continue growing. Cairo-based Kandil Steel was seeking a stable supply of high-quality substrate and technical support to increase its sales of high-grade steel products, while JFE Steel and MISI have been striving to secure stable sales destinations in growing regions and to find opportunities to expand business.