Cairo – Mubasher: Misr National Steel (Ataqa) announced that the government’s decision to reduce energy prices to the industrial sector will cut down production costs by EGP 30 per tonne, according to a bourse disclosure on Thursday.

The government slashed prices of natural gas for factories to $4.50 per 1 million British thermal units (MMBtu) and the price of electricity per kilowatt hour (kWh) by EGP 0.10.

Over the course of 2019, the company’s net profits plummeted to EGP 13.8 million from EGP 174.91 million in 2018.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.