Iron and Steel's losses dip 8.6% in H1 of 20/21

CAIRO – 7 February 2021: The Egyptian Iron and Steel Company’s losses decreased by 8.6 percent, during the first half of fiscal year of 2020/2021, on an annual basis.

The company stated in a filing to the Egyptian Exchange (EGX), Sunday, that it recorded losses amounting to LE 437.05 million during the period from July to the end of December, compared to losses amounting to LE 478.18 million during the same period of the previous fiscal year.

The company's revenues declined during the six months to record LE 555.28 million by the end of December, compared to LE 583.25 million during the same period of last fiscal year.

The Ordinary General Assembly of the Egyptian Iron and Steel Company agreed to dissolve and liquidate the company upon completion of the division process, and authorize the president of the association to appoint the liquidators and determine their fees and the term of the liquidation, provided that the company's financial position on December 31, 2020, is the basis for liquidation.

During the first quarter of the current fiscal year, the Egyptian Iron and Steel Company achieved losses amounting to LE 274.48 million during the period from January to September, compared to losses of LE 367.8 million in the comparative period from 2019-2020.

The company's sales declined during the first quarter of the current fiscal year to LE 237.72 million, compared to sales of LE 280.31 million in the comparative period of the last fiscal year.

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Egyptian Iron & Steel operates within the Materials sector focusing on Steel.