Egyptian steel magnate Ahmed Ezz loses $32 million from Ezz Steel stake

Key Points

• Ahmed Ezz’s stake in Ezz Steel fell by over $32 million in five days as the stock declined on the Egyptian Exchange.
• The company’s stock dipped 3.28%, pushing its market capitalization under $1.5 billion amid weaker investor sentiment in Egypt’s steel industry.
• Despite recent losses, Ezz Steel’s stock is up 16.54% year to date, signaling long-term resilience for investors.

Egyptian steel tycoon Ahmed Ezz, a dominant force in the Middle East’s industrial sector, has seen his stake in Ezz Steel lose more than $32 million in just five days. The drop follows a sharp decline in the company’s stock on the Egyptian Exchange (EGX), dealing a blow to one of the region’s most influential businessmen.

Ezz Steel shares decline, Ezz loses millions

Ezz, who owns a commanding 66.45 percent stake in Ezz Steel—equivalent to 364,047,977 shares—watched as the value of his holdings fell by EGP1.65 billion ($32.67 million), dragging his total investment below $963.44 million. This represents a sharp reversal from the recent highs recorded in February, when the market value of his stake had surged to nearly $1 billion.

The drop comes amid a 3.28 percent decline in Ezz Steel’s stock, with share prices sliding from EGP138.44 ($2.74) on Mar. 6 to EGP133.9 ($2.65). The downturn has also pushed Ezz Steel’s market capitalization below the $1.5 billion mark, reflecting a broader cooling of investor sentiment in Egypt’s steel industry.

Ezz faces setback but stays strong

Earlier this year, Ezz was on a winning streak. Between Jan. 20 and Feb. 17, the market value of his stake surged from EGP46.87 billion ($925.94 million) to EGP48.78 billion ($963.7 million), adding $37.76 million to his wealth. But the latest decline has wiped out nearly all those gains, leaving his stake in a weaker position.

Despite the setback, Ezz remains a powerhouse in the steel industry. Ezz Steel is still the leading producer in the Middle East and North Africa (MENA), with facilities capable of producing 7 million tons of steel annually. More than 5 million metric tons of that is high-quality steel used in regional and global markets—keeping the company ahead of competitors like Saudi Arabia’s Hadeed and Emirates Steel.

Ezz Steel holds strong despite dip

While the stock’s recent dip has dented Ezz’s wealth, Ezz Steel is still one of the top performers on the EGX. Year to date, its stock is up 16.54 percent. An investor who put $100,000 into Ezz Steel at the start of the year would now have $116,540—a sign that, despite market swings, the company remains resilient.