Egyptian Iron & Steel Co. plans $13mn-investments in FY16-17

Egyptian Iron and Steel Company is planning to inject investments worth 103.275 million Egyptian pounds (around US$13 million) during financial year 2016-17.

The investments will be allocated for the replacement and renewal processes to boost the company’s operation rates.
According to its budget for financial year 2016/2017, Iron and Steel company targets controlling and lowering the achieved losses to be 401.610 million pounds maximum.

Iron And Steel Company has incurred losses estimated at 558.8 million during fiscal year 2014-15, registering net losses estimated at 322.4 million pounds during the first six months of FY 2014-15.