Egyptian Iron and Steel production drops in August

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

31 Aug 2010

Amr Abdelhadi, Chairman and Managing Director of Egyptian Iron and Steel (IRON), stated that the company dropped steel production by 40,000 tonnes, Almal newspaper reported. The firm, which is a subsidiary of Holding Company for Metallurgical Industries, monthly production hit 100,000 tonnes and incurred EGP 140 million losses in current August.
Mr Abdelhadi said that power outages duration reaches 4 hours daily and his company is conducting survey to determine its financial losses.
It is notable that, Egypt Aluminium one of Holding Company for Metallurgical Industries units has incurred EGP 400 million losses due to repeated power outages.

Source: Steel Guru