The modified unaudited financial results of the Egyptian Iron and Steel showed net losses of EGP 982.83 million during fiscal year 2019/2020, down by 35% year-on-year (YoY) from EGP 1.52 billion. Sales slumped to EGP 1.08 billion in the year ended 30 June from EGP 1.24 billion in FY18/19, the company said in a statement …
Egyptian Iron and Steel’s loss down 35% in FY19/20 modified results Read More »
State Company for iron and steel, a company of the Ministry of Industry and Minerals, announced the completion of (85%) of the mechanical works in the reheating furnace of the rolling mill within the rehabilitation project. The general manager of the company, Abbas Hayal, mentioned in a statement to the media office in the ministry …
State Company for iron and steel accomplishes 85% of the mechanical works Read More »
The “Tosyali Algeria” company – Oran – exported 18,000 tons of rebar and 400 tons of wire rod to Canada on Sunday at the communication cell of the same company. This cargo was transported as part of the seventh export of the company’s various products for the current year at the end of last week …
Tosyali Algeria company exports 18,400 tons of steel products to Canada Read More »
Emirates Steel announced that its products meet all requirements of the Leadership in Energy and Environmental Design (LEED) system, in addition to the requirements of the “Estidama” program and the pearl rating system of the Abu Dhabi government, as part of the company’s efforts to support the sustainable building development system. And to enhance environmental, …
Saudi Arabia’s imports of iron and steel in the first nine months of this year amounted to about 11.8 million tons, with a total value of about 23.4 billion riyals. According to statistical data issued by the General Customs Authority, which Al-Eqtisadiah has reviewed, Saudi imports of iron and steel decreased by 3.5 million tons, …
23.4 billion riyals is the value of Saudi Arabia’s imports of iron and steel in 9 months Read More »
The International Monetary Fund has revised its forecast of real GDP cuts in 2020 for all Gulf countries except Saudi Arabia, warning that the economic outlook is worsening for many emerging markets amid the Coronavirus crisis. In its latest report on the global economic outlook, yesterday, the Fund revised its previous forecast for Saudi Arabia, …
The IMF expects the return of economic growth in the Gulf in 2021 Read More »
The Moroccan economy is expected to contract by -7% in 2020 before rebounding with 4.9% growth in 2021, according to the International Monetary Fund (IMF). In its latest “World Economic Outlook” report released on Tuesday, the IMF says that unemployment is expected to stand at 12.5% in 2020 before falling to 10.5% in 2021, against …
Moroccan Economy Expected to Grow by 4.9% in 2021 (IMF) Read More »
The shareholders of the Egyptian Iron and Steel Company agreed, during the extraordinary general assembly held on Monday, to divide the company by separating the mining and quarrying activities from the company. After the decision, Minister of Public Business Sector Hisham Tawfiq announced that the ministry intends to list the divided company on the Egyptian …
Egyptian Iron and Steel Company agrees to separate the mining activity Read More »
The Holding Company for Metal Industries, one of the Ministry of Public Business Sector companies, agreed to accept the resignation of the Chairman and members of the Iron and Steel Board of Directors, effective October 6, 2020. The company’s statement said today that the Board of Directors of the Mineral Holding, headed by Eng. Mohamed …
Mineral Holding appoints a new board of directors for Egyptian Iron and Steel Company Read More »
Arada has announced the latest in a series of construction contracts at Aljada, the AED24 billion mixed-use community in the heart of New Sharjah. The developer awarded the AED102 million contract to build Phase 2 infrastructure works to support a number of different communities within Aljada to Al Marwan General Contracting Company. The scope of …
UAE : Arada awards AED102 million contract to implement Phase 2 of Aljada project Read More »
Tosyali Algeria is once again a pioneer in the export of steel products with the first export of wire rod made in Algeria. Tosyali Algeria continues its export efforts and ships wire rod for the first time in the country’s history. The first shipment of 3,000 tonnes of wire rod to Senegal started on October …
The Minister of Industry Ferhat Ait Ali Braham supervised this Thursday in Oued Samar in Algiers, the inauguration of an industrial innovation laboratory “Fab Lab”, which will enable innovative youth and entrepreneurs to develop their ideas and subsequently integrate into the national industrial sector through innovative products. The minister explained that this laboratory, which is …
The Building Materials and Refractories Export Council announced that the value of Egypt’s exports of iron and steel in the first 7 months of 2020 to $ 306 million, compared to $ 461 million in the same period of 2019, a decrease of 34%. The monthly report issued by the Council indicated that 10 countries …
Egypt’s exports of iron and steel $306 million in 7 months Read More »
Blast furnace No. 2 of Sider El-Hadjar complex (Annaba) – Algeria was put back into service on Friday, September 19, 2020, after a six-month shutdown of activities due to the preventive measures imposed by the Coronavirus (Covid-19) pandemic. The start of the re-commissioning of blast furnace No. 2 was given following the directives of the …
Sider El Hadjar complex: return to service of the blast furnace No. 2 Read More »
The UAE’s Ministry of Economy has announced the extension of the country’s ban on exports of ferrous and paper waste, aiming to support local steelmakers amid the deteriorating market conditions. Accordingly, on September 15 the UAE’s Ministry of Economy issued a directive to suspend the export of raw materials, in particular steel scrap under the …
UAE prolongs ban on scrap exports for another four months Read More »
The Al-Mukalla Iron and Steel Factory “misc”, located in Al-Rayyan area in Mukalla, the capital of Hadramout Governorate, east of Yemen, has been closed. A commercial source attributed the reason for the closure of the factory to the failure of the local authority in Hadramout to provide a private power station with the fuel that …
Yemen: Closure of Al-Mukalla Iron and Steel Factory in Hadramout Read More »
The Prime Minister, Abdelaziz Jarad, gave the signal to demolish an old furnace in Sider El Hadjar complex in Annaba, which was built in 1968 and sits on an area of 100 hectares. During the visit of his leaders to the boat yesterday, the Prime Minister received explanations regarding the process of dismantling the blast …
Dismantling of blast furnace No. 1 with Sider El Hadjar complex Read More »
The adjusted financial statements of the Egyptian Iron and Steel (Hadisolb) showed a 41.88% year-on-year (YoY) decline in its net losses to EGP 887.37 million in fiscal year 2019/2020, compared to EGP 1.52 billion in the previous fiscal year. he adjusted financial statements of the Egyptian Iron and Steel (Hadisolb) showed a 41.88% year-on-year (YoY) …
Egyptian Iron and Steel Company sees 42% lower net losses in FY19/20 Read More »
With insufficient domestic demand for long steel products, Algerian Qatari Steel (AQS) continues to expand export sales to achieve its targets for 2021. the company opened new overseas markets. Last week, AQS loaded 5,000 tonnes of wire rods to West African from the port of Djendjen. At the beginning of 2021, AQS signed agreements with …
AQS starts exporting 5,000 tons of wire rod to West Africa Read More »
Emirates Steel worked with ENEC for the ten-year construction period of the Barakah Nuclear Energy Plant. Emirates Steel has proudly announced its contribution to the national achievement of constructing the Barakah Nuclear Energy Plant, the first peaceful nuclear plant in the Arab World. Emirates Steel, the leading integrated steel plant in the UAE, has proudly …
Tosyali Algeria has resumed its steel export operations by scheduling operation to ship 18,000 tonnes of reinforcing bars to the port of Oshawa in Canada. According to a statement issued by the Algerian-Turkish company, after a several-month closure due to the Coronavirus pandemic, Tosyali Algeria is launching a new export operation to Canada. “The volume …
Tosyali Algeria exports 18,000 tonnes of Reinforcing bar to Canada Read More »
It seems that the gas file is still permanently controlling the industrial sector in Egypt during this period, in light of the decline in demand for products exported to some sectors as a result of the increase in their prices locally, due to the high cost of production due to the rise in gas prices …
World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 148.8 million tonnes (Mt) in July 2020, a 2.5% decrease compared to July 2019. Due to the ongoing difficulties presented by the COVID-19 pandemic, many of this month’s figures are estimates that may be revised with next month’s production …
World crude steel production decreased by 2.5% in July Read More »
Saudi Arabia’s energy ministry is to offer assistance so that Neom, a $500 billion high-tech development that includes tourism and sport facilities on the Red Sea, can be completed on schedule, minister Abdul Aziz bin Salman said on Sunday. The 26,500 square km (10,230 square mile) development, first revealed in 2017 with a planned completion …
Saudi energy ministry to assist development of mega economic zone Neom Read More »
The average prices of some construction materials in the Kingdom recorded a remarkable increase in July, especially iron and cement prices, in conjunction with the increase in the value-added tax rate from 5% to 15%. The average price of rebar/tonne reached 2,947.69 riyals, which is the highest since April 2014, after it recorded 2,971.2 riyals/tonne, …
Saudi Arabia: Rebar touches 3000 riyals and rises to the highest level in 6 years Read More »
Algeria’s energy firm Sonatrach has signed a memorandum of understanding with German oil and gas company Wintershall Dea over potential cooperation in exploration and production in the OPEC member country, Sonatrach said on Monday. The memorandum also includes talks on joint investment abroad, the state-run firm said in a statement. Wintershall Dea has been operating …
Algeria’s Sonatrach, Wintershall Dea sign MoU to boost partnership Read More »
Egypt’s exports of “iron and steel” and “cement” retreated in the first 6 months of 2020 to record $315 million compared to $483 million during the same period in 2019, a decrease of 34.8%. The monthly report issued by the Export Council for Building Materials, Refractories and Metal Industries indicated that 8 countries (Saudi Arabia, …
Saudi Basic Industries Corp (2010.SE), the world’s fourth-biggest petrochemicals firm, reported a third straight quarterly loss on Thursday and said low oil prices and weak global growth meant the second half would likely be similar to the first. SABIC reported a net loss of 2.2 billion riyals ($586.6 million) in the second quarter on impairments …
SABIC posts third straight quarterly loss, forecasts more of the same in second half Read More »
UAE begins start up operations at its first nuclear power plant The United Arab Emirates has begun start up operations in the first unit of the Barakah nuclear power plant, Dubai’s ruler said on Twitter on Saturday. “Today we announce the UAE’s success in operating the first peaceful nuclear energy reactor in the Arab world,” …
UAE begins start up operations at its first nuclear power plant Read More »
World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 148.3 million tonnes (Mt) in June 2020, a 7.0% decrease compared to June 2019. Due to the ongoing difficulties presented by the COVID-19 pandemic, many of this month’s figures are estimates that may be revised with next month’s production …
world’s production of crude steel declined 6.0% in H1 2020 Read More »