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Egyptian Iron and Steel Company signed a contract with Tata Steel to boost its production

Sep 27, 2013 16:55 IST

The Egyptian Iron and Steel Company signed on 27 September 2013 a contact with UK-based Tata Steel Consulting, a subsidiary of Tata to boost its production levels.

The Egyptian Iron and Steel Company explained that Tata Steel will provide a plan to increase production potential to reach 1.2 million tons of finished steel or 1.45 million tons of semi-finished steel annually.

The Egyptian Iron and Steel Company largely state-owned company.It has been suffering from chronic losses in the past years, which reached 98 million US Dollar in the third quarter of the 2012-13 fiscal year.

The Egyptian Iron and Steel Company get its raw materials from mines in Aswan, Upper Egypt. So, it is not exposed to the volatility of international markets.

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