Sales of Iron&Steel decline 37% in 7 months

CAIRO – 16 March 2020: Sales of Egyptian Iron and Steel Company (IRON) declined 36.94 percent on a year-on-year basis during the first 7 months of this fiscal year. The board of directors of the company announced Monday

The company said in a statement to the Egyptian Stock Exchange (EGX) that its total sales during the period from July to the end of last January amounted to about LE 455.4 million, compared to LE 722.13 million during the same period last fiscal year.

It added that the company's current activity revenues during the first 8 months of the current fiscal year amounted to LE 666.488 million during the period from July to February.

The company achieved total sales during the period from July to the end of December, amounting to LE 362.77 million, compared to LE 640.89 million during the same period last fiscal year.

Moreover, the company's current activity revenue during the first half of the current fiscal year amounted to LE 586.13 million in the period from July to January.

Egyptian Iron & Steel operates within the Materials sector focusing on Steel. Egyptian Iron & Steel is based in Cairo, Egypt and was established in January 1991.