Egyptian Iron, Steel's 11-month sales drop

Egyptian Iron and Steel Company (IRON) registered 40% Year on Year decline in its sales

ArabFinance:Egyptian Iron and Steel Company (IRON) registered 40% Year on Year decline in its sales for the 11-month period of the fiscal year (FY) 2019/2020, according to the company’s July 9th statement filed to the Egyptian Exchange.

Sales went down to EGP607,893,000 in the 11-month period of FY2019/2020 from EGP 1,025,038,000 generated in the corresponding period a year earlier.

Earlier, the company stated that the Holding Company for Metallurgical Industries signed an agreement with Ukraine-based Vazhmashimpex to raise the concentration of iron ore in Egyptian oases by using the dry magnetic separation technology.

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

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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