Egyptian Iron & Steel: Development Pact with UK Tata Costs £98.000

Egyptian Iron and Steel (HADISOLB) (IRON.CA) announced that the total amount of its recently signed deal with Tata Steel UK Consulting Ltd. to prepare a master plan to develop company’s production capacity is £ 98.000 (US$ 157.66 thousand) and 25 %of it paid in advance.

This comes after the Egyptian Iron and Steel – Major Steel Producing Company in Egypt – revealed last Thursday that a deal with Tata Steel UK Consulting Ltd. (TISC.NS),  the second largest steel producer in Europe.

As pursuant to the contract, Tata Steel UK will be developing a master plan on the Egyptian company’s rehabilitation since the latter is seeking to increase its design capacity to reach 1.2 million tones ready for sale and 1.45 million tonnes reformable steel.

Egyptian Iron and Steel noted that Tata will start execution immediately after delivering the down payment, adding that the total period of execution is 15 weeks.