Egyptian Ezz Steel Nationalises, Signalling Protectionist Mode

In a historic move, MENA's #1 steel manufacturer has delisted from EGX and LSE ahead of Trump's COVID-era financial warfare 2.0.

Image: Ledgard Jepson

On 12th February, Egyptian steel company Ezz Steel voluntarily delisted from the Egyptian Exchange (EGX) and the London Stock Exchange (LSE). This move can be seen as a prompt response to US President Donald Trump's threats regarding forced expulsion and cuts to aid for Egypt. Although the US has historically exempted the North African country from steel tariffs, a likely reversal of this policy under Trump is anticipated. Ezz Steel's departure from the stock market appears to be a protectionist measure aimed at nationalising the war-critical steel industry in response to fluctuating steel prices, possibly in preparation for an impending regional conflict. The move marks a stark departure from Cairo’s push for an open economy, echoing its message to Washington through its recent Russian gas deal and signaling a strategic use of its BRICS membership as a countermeasure against US financial pressure.