ArabFinance: Egyptian Iron and Steel Company (IRON) stated that the Holding Company for Metallurgical Industries (HCMI) signed an agreement with Ukraine-based Vazhmashimpex to raise the concentration of iron ore in Egyptian oases by using the dry magnetic separation technology, according to the company’s June 25th statement filed to the Egyptian Exchange.

Under the agreement, Iron and Steel Company, in partnership with Vazhmashimpex, will establish two plants.

Egyptian Iron and Steel suffered a net loss of EGP 783,847,064 in the nine-month period ended March 31st, a 48% decline from EGP 531,284,981 incurred in the corresponding period.

Egyptian Iron and Steel, an affiliated company of HCMI, is an Egypt-based public shareholding company engaged in the exploitation, production and trade of iron and steel products. The Company provides two product segments, Major Products, and Other Products.

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