Ataqa expected to see lower production costs

The government slashed prices of natural gas for factories

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

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