According to Al Ahram, The ordinary general assembly meeting of the holding company for metallurgical industries was held yesterday, chaired by minister of investment. The minister asserted the importance of studying the possibility of Egypt Aluminum Company (EGAL.CA) and Iron and Steel Company to enter new development projects in order to improve their performances.
Chairman of the holding company for metallurgical industries announced that net profits of its affiliated companies amounted LE 1.2 billion during the FY 06/07 compared against LE 933 million during the previous FY.
From another perspective; the finance restructure of the Egyptian and Iron Steel was adjusted to include capital increase to cover the losses that will result from adjusting the evaluations of the company’s lands.
The restructuring works also will include the merge of the General Company for Metals, and Al Nasr for Engineering and refrigerating Company with the Egyptian Copper Company.
