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Delta Steel turns profitable after implementing the first phase of development

Hisham Tawfiq, Minister of Public Business Sector, paid an inspection visit to Delta Steel Factories Company of the Holding Company for Metallurgical Industries, one of the companies of the Ministry of Public Business Sector, to follow up on the news of the development project.

The minister began his visit by holding a meeting with the company’s board of directors to follow up on the position of the development project, which aims to raise the company’s production capacity to 500,000 tonnes per year of billet iron, in addition to establishing a foundry with a capacity of 10,000 tonnes per year.

Tawfiq reviewed the operational situation of the first phase of the development project with a production capacity of 250 000 tonnes and the availability of production requirements from scrap and raw materials to operate the kilns with the design energy, and following up on the completion of the implementation of the second phase of the furnaces and foundries, in cooperation with the Chinese and Dutch sides, according to the plan and the specified timings.

It is noteworthy that Delta Steel Company achieved in the first 9 months of the fiscal year 2021/2022 a profit of 25 million pounds, and it is estimated that it will exceed 30 million pounds by the end of the fiscal year, while the company had turned to profitability in the 2020/2021 fiscal year after implementing the first phase of development, by achieving 24 million pounds, compared to a loss of 49 million pounds in 2019/2020.

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