Ezz Steel - ESRS has been experiencing a remarkable rally since yesterday, propelling it to the forefront of the EGX30 performers. With an astounding YTD performance of +267.7%, it has reached its all-time high price during today's session, peaking at EGP 85.50 per share at 11:26 CLT on December 20, 2023.
It is worth noting that the EGX insider trades reports reveal significant activity in Ezz Steel shares. A major shareholder has bought a total volume of 4,053,331 shares, indicating strong confidence in the company's growth potential and contributing to its impressive performance.
The surge in Ezz Steel - ESRS shares participation in a global steel industry rally, sparked by Japan's Nippon Steel's acquisition of U.S. Steel, a renowned American steel manufacturer, for a staggering USD 14.9 billion. According to CNBC, Nippon Steel's purchase amounts to 7.3 times U.S. Steel's EBITDA for the past 12 months, as reported by LSEG data. Additionally, CNBC highlighted that the industry median for steelmaking companies stands at seven times.
The deal's announcement triggered a surge in the stocks of major global steel manufacturers, including ArcelorMittal, which experienced a 5% increase in Amsterdam. This rally reflects the market's positive response to the Nippon Steel-U.S. Steel acquisition and the overall strength of the steelmaking industry.
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