4 Steel Companies Lose EGP 300 mln Over Cutting Off Power

Egypt Aluminum Company, Al-Ezz Dekheila Steel Co., Beshay Steel and National Steel co. lost EGP 300 million because of the ongoing blackout during 15 days.

The ongoing blackout caused increased the monthly losses to 20%, almost EGP 20 million for Egypt Aluminum Company, EGP 30 million for Al-Ezz Dekheila Steel Co. and EGP 35 million for Beshay Steel and National Steel Co.

The companies had submitted two urgent memorandums to IDA, Industrial Development Authority, and FEI, Federation of Egyptian Industries; complaining about the companies’ losses over the ongoing blackout.

Zaky Bassiouny, Chairman of Metallurgical Industries company ( E.JS.C), on his side, called on IDA and FEI to urgently take the necessary procedures for saving the national industry from the successive losses, due to cutting off electricity. He slammed the general policies of energy pricing, saying that “isn’t enough to retrospectively bear the prices differences, while the foreign companies get the Egyptian energy with law prices”.

Regarding this matter, Eng. Mohamed Hanfy, Chairman of Metallurgy Industries Chamber in FEI, said the companies and factories made several complaints because of cutting off electricity daily for two hours. This has reduced the production by 5%, and some production lines and ovens in the new factories suspended.