Industrial Alliance To Sue Al Ganzouri

An alliance, includes 5 intensive-use-energy factories- led by Egypt Aluminum Company, is getting ready to file a lawsuit against the PM Kamal Al Ganzouri’s decision. The decision concerns retroactively increasing the prices of their assigned energy, starting from last January; that costs the companies differences in prices reach EGP 1 billion.

Sources inside metallurgical industries chamber in Federation of Egyptian Industries (FEI) to “Amwal Al Ghad” asserted that the alliance prepared an urgent memorandum to the cabinet. It elaborates that the companies are ready to help Egyptian economy but in a way that doesn’t harm the national industry, as halting  Aluminum complex costs the state about $ 500 billion; the bill of importing materials and primary products for more than 50 big industries.

The memorandum, which “Amwal AL Ghad” got copy, revealed that each increasing cent costs the companies huge sums; referring it will annually cost Ezz steel co. 160 million, Egyptian Iron &Steel Co. EGP 88 million.

In addition to that, an increase is expected in Egypt Aluminum’s budget with EGP 366 million; especially after raising the electricity prices, Suez Steel Co. 21.1 million, “Al Saba’ak Al Hadedia Company” 36.6 million, Ezz Group 221.8 million, Beshay Steel 29.7 million, and Egyptian Iron & Steel Co. EGP 66 million.

The camber called on the officials to reconsider the prices and to schedule those increases to be implemented on several phases, and specifying July and August as the climax.

Ministry of Electricity and Energy announced increasing the fees of electricity is being used by intensive-use-energy factories in Egyptian market, last January.