Government allocates 13 billion pounds to develop "Egypt Aluminum"

Minister of Public Enterprise Sector in the Egyptian government Hisham Tawfik said that the development value of Misr Aluminum Company is estimated at 13 billion pounds.

He added in a statement to the Ministry of Business Sector yesterday, Monday, that the mentioned value includes replacing the bulk of old cells in two stages and introducing new technology that uses less electrical energy, which represents about 40 % Of the production cost with a production capacity of 250 thousand tons.

Bechtel International was chosen as a consultant to prepare the feasibility study and follow up the project, which is scheduled to complete the feasibility study in the middle of this year.

The company announced in February 2020 a tender to select the project consultant to rehabilitate and modernize the aluminum plant. Inquiries.

And in early November, Misr Aluminum Company announced the launch of a tender for qualified and experienced consulting services in developing feasibility studies and implementing a project (car rims production line). / p>

and the company announced on December 21 that the technical dispersal session of the engineering consultancy services tender for the purpose of implementing the car rims production line project will be postponed until January 10, upon request Companies provided.

and Misr Aluminum Company achieved a loss of 150.9 million pounds from the beginning of July 2020 until the end of September 2020, compared to 277.8 million pounds losses during the comparative period of the comparative fiscal year.

On July 16, the company launched an international tender for a contract with an engineering consultancy firm specialized in aluminum smelting projects.

The financial statements revealed that the company suffered a net loss of 1.63 billion pounds during the year ending June 2020 compared to a profit of 570.9 million pounds during the previous fiscal year.

The company's revenues fell sharply to 7.25 billion pounds during the aforementioned year compared to about 12.1 billion pounds during the previous fiscal year.

the company attributed its transformation of the loss to several reasons, the most prominent of which is the increase in cost factors in the production process, especially the electrical, and the decrease in the exchange rate of the dollar against the pound.