Metallurgical Industries Holding’s revenues hit LE 22B in 2017/18

CAIRO – 29 July 2018: The total revenues of subsidiaries of Metallurgical Industries Holding Company recorded LE 22 billion during fiscal year 2017/2018, compared to LE 16.1 billion during 2016/2017, according to Chairman of the holding company Medhat Nafei.

Nafei added that the total exports of the subsidiaries during the last fiscal year reached LE 10.4 billion, compared to LE 7 billion during the previous year.

He clarified that the Aluminum Company of Egypt, El Nasr Mining, the Egyptian Ferrous Alloys and El Nasr for Coke and Chemicals were the most significant exporters of the year.

“Companies target to achieve revenues of LE 29 billion during the upcoming year with exports of LE 12 billion within the framework of efforts to maximize the utilization of assets and open up new markets for subsidiaries abroad.

Metallurgical Industries Holding Company was founded in 1983 with a capital of LE 3.2 billion. The company’s assets reached LE 12.3 billion by December 31, 2017.
It accomplished profits of LE 477 million by July 30, 2017.

The company has 14 subsidiaries, including: Egyptian Iron and Steel, Aluminum Company of Egypt, El Nasr Steel Pipes and Fittings Co., Delta Steel Mill Co., Egyptian Copper Works, El Nasr Forging Co., Egyptian Ferro Alloys Co., and the Egyptian Co. for metallic Construction (Metalco).