Egyptian Iron and Steel to establish two plants

Agreement signed with Ukraine-based Vazhmashimpex

  
Image used for illustrative purpose. Aluminium processing plant Large Aluminum Steel Rolls in the factory.

Image used for illustrative purpose. Aluminium processing plant Large Aluminum Steel Rolls in the factory.

Getty Images/ Ozgur Donmaz

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.

 

Copyright © 2020 Arab Finance Brokerage Company All rights reserved. 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.