Ahmed Abou Hashima was just 35 when he made a more than $1 billion bet on Egypt’s steel industry, a move that would help transform him from a steel trader into one of the country’s best-known industrial entrepreneurs.
The investment led to the creation of Egyptian Steel in 2010, a company that would grow into one of Egypt’s largest steel producers, accounting for an estimated 20% to 25% of the country’s steel output at its peak and laying the foundation for a business empire spanning manufacturing, cement, media and agriculture.
At a time when many investors were cautious about committing large sums to capital-intensive projects, Abou Hashima embarked on an ambitious expansion drive that would see Egyptian Steel establish four major production facilities across Port Said, Alexandria, Ain Sokhna and Beni Suef.
The facilities gave the company an annual production capacity of about 2.3 million tonnes, helping position it among Egypt’s leading steel manufacturers and a key supplier to sectors ranging from construction and infrastructure to real estate development.
The scale of the investment was significant.
