IRON reports 42% loss decline

Egyptian Iron and Steel Company (IRON) reported a 42% Year on Year decline in its net loss in the fiscal year

  
ArabFinance:Egyptian Iron and Steel Company (IRON) reported a 42% Year on Year decline in its net loss in the fiscal year (FY) 2019/2020, according to the company’s September 13thstatement filed to the Egyptian Exchange.

Net loss stood at EGP 887,370,786 in the FY 2019/2020, compared to EGP 1,526,885,340 incurred in FY 2018/2019.

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 will establish two plants in partnership with Vazhmashimpex.

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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