Egyptian Iron and Steel's 9-month loss increases

Egyptian Iron and Steel Company (IRON) posted a 48% Year on Year decrease in its net loss for the first nine months

  
ArabFinance:Egyptian Iron and Steel Company (IRON) posted a 48% Year on Year decrease in its net loss for the first nine months of the fiscal year (FY) 2019/2020, according to the company’s May 31st financial statements filed to the Egyptian Exchange.

Net loss reached EGP 783,847,064 in 9 months, compared to EGP 531,284,981 incurred in the corresponding period.

On May 18th, the company's ordinary general meeting approved the estimated budget for FY 2020/2021. The budget shows an expected loss of EGP 275.57 million.

The steel manufacturer plans to invest EGP 50 million during FY 2020/2021, once employees’ salaries are settled.

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

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