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Egyptian Steel Signs a contract with the Egyptian Iron and Steel Company to Buy Steel Scrap

25 September, 2018
Hisham Tawfiq, Minister of Public Work Sector, witnessed the signing of the contract selling scrap steel from the holding Company for Metallurgical Industries, one of the companies of the Ministry of Public Work Sector, to Egyptian Steel Company.

Mr. Ahmed Abou Hashima, CEO of Egyptian Steel Group, has signed the contract with Eng. Abdul Atti Saleh, Chairman of Egyptian Iron and Steel Company.

In reference to the concluded contract, Egyptian Iron and Steel Company will sell steel scrap with a volume of 230,000 tons to Egyptian Steel Group according to the average international stock prices.

The agreement includes future cooperation between the two parties, stating that Egyptian Steel Group is to purchase the steel scrap which is located in Gabal El Torab which has an estimated volume of 700,000 tons along with cast iron, and some other raw materials supplied by Egyptian Iron and Steel Company.
The minister and Mr. Ahmed Abou Hashima welcomed the possibility of expanding the cooperation in other areas between the two sides during the upcoming period.

The signing of the contract comes within the framework of the ministry's keenness to maximize the utilization of the unutilized assets owned by its subsidiaries, which contributes to the provision of liquidity to Egyptian Iron and Steel Company to improve the financial position and liquidity status of the company.