The Essar group's overseas arm Essar Global has submitted expression of interest (EoI) to acquire the Egyptian government's 83 per cent stake in Suez Steel.

Those shortlisted for acquisition of the 600,000-tone billet producer included Essar Global, the Al-Tuwairqi group, Al-Rajhi Steel, an Egyptian National and a consortium of investors.

The acquisition of Suez Steel, situated five km south of the Suez Canal near the Read Sea coast, would involve an investment of $100-150 million.

The bid results would be declared in a fortnight and the successful bidder would have to acquire the remaining 17 per cent from non-government shareholders at the same price.

HC Securities, a Giza-based investment bank, would be handling the sale.

Billet is an important raw material for steel re-rolling.