The Board of Directors of the Iron and Steel Company for Mines and Quarries, affiliated to the Holding Company for Metallurgical Industries, one of the companies of the Ministry of Public Business Sector, approved the approval of the amended financial statements with a net profit after deducting income tax in the amount of 5.54 million pounds during the period from January 1 to June 30, 2021, with total sales of 41.5 one million pound.

The company attributed the reason for the decrease in the net profit from the previous indicators, to the modification of directing some product categories from incomplete to finished products, and the modification of directing the sold raw materials to raw materials exported to the Egyptian Iron and Steel Company (divided) at cost price, calculating provisions other than depreciation, and calculating income taxes for the net The profit is 22.5%.

In January, the Extraordinary General Assembly of the Egyptian Iron and Steel Company decided to liquidate its steel plant and stop the plant.