The results of the reports, and technical and financial feasibility studies are expected to be issued soon to test the technical capabilities of the furnaces and mines of the Iron and Steel Company of the Holding Company for Metallurgical Industries, one of the companies in the business sector, before deciding on the future of the most important iron and steel companies in the Middle East.
The Minister of the business sector said that the study requires the activation of the furnaces in full capacity for a period of time not less than 3 months to detect the degree of damages, noting that in simultaneity with the testing the technical capabilities of the furnaces, the office of the consultant conduct a feasible, technical, financial and economic study in parallel, to evaluate the iron and steel mines, where the production of the raw material. Moreover, he stressed that by studying the results of the two reports side by side, the decision will be taken to determine the fate of the Iron and Steel Company.
About the liquidation of the Iron and Steel company just like the National cement company, the minister says in a media statement: "We are trying to do our best to develop the company, but at the same time we will not waste a lot of money in a losing entity.”
The Iron & Steel company recorded a net loss of LE 726.3 million from the beginning of July 2017 to the end of June 2018, compared to LE 750.26 million in the previous fiscal year (2016-2017).
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