Egyptian steel manufacturer Garhy Steel is planning to offer 25% of its shares in the Egyptian Exchange (EGX) during the first quarter of 2018, Invest-Gate reports.

The company hopes to raise EGP 3.6 bn needed for its USD 200 mn pelletizing plant and USD 250 mn for its smelting and rolling plants, Gamal El Garhy, the company’s chairman says in press remarks.

The firm targets to increase its output of billet to 1.2 mn tons annually, which will save 80% of pig iron needs and will diminish billet imports to 300,000 tons annually.

Garhy Steel intends to set up another smelting and rolling plant with a production capacity of 500,000 tons annually to reach a total production capacity of 2 mn tons per year, El-Garhy concludes.