Egyptian Iron and Steel Company pays 745 million pounds as part of the gas debt settlement
The Egyptian Iron and Steel Company has paid 745 million pounds, as part of the settlement of the natural gas debt owed by the company. The company has also taken some steps to improve its financial position, including rationalizing energy consumption.
The company announced, in its response to the Central Auditing Organization, regarding the examination report of the financial statements for the past year, that it had limited the import of commodity supplies from abroad to reduce the company’s needs of foreign exchange.
The company’s statement indicated that quantities of scrap were disposed of economically, in addition to operating production units regularly and with economical operating quantities attributed to the design capacity.
The company reiterated the reason for the lack of response to the Central Auditing Organization regarding some plots of land, that the status of some of them is being legalized, and some of them are difficult to obtain documents for after about 50 years have passed since they were acquired.
The Central Auditing Association indicated that these lands are registered as fixed assets and are located in Tebbin, Giza and the Bahariya Oasis, and the contracts for them have not been found yet, despite the company’s demands for them more than once.