■To refute unsubstantiated allegations quoted in the press about ezzsteel enjoying a monopoly in the Egyptian steel market, the company states the following factual evidence:
■Any allegation of monopoly is strongly denied. ezzsteel is not a monopoly but a leading producer in Egypt where it operates in a free market and competes fairly with other Egyptian steel producers and foreign importers (imports of steel products into Egypt are facilitated by the absence of any customs tariff or trade barriers).
■ In July 2006, the Egyptian Competition Authority - an independent body under the authority of the Prime Minister - launched an investigation into the extent of compliance by Egyptian steel producers – including ezzsteel - with the provisions of the Competition Law. A thorough investigation was pursued by the Authority starting from mid-2006. In January 2009, the Authority published its conclusions and found that there had been no abuse of a dominant position by ezzsteel, nor any breach by the company of the Competition Law.
■All business operations of ezzsteel are fully transparent and are compliant with Egyptian laws and regulations including the Securities Listing Rules of the Egyptian Stock Exchange, the Capital Market Law, the Competition Law, the Anti-Money Laundering Law and the Code of Corporate Governance
موضوع: ezzsteel, a monopoly??