Mineral Holdings: 9 companies submitted to develop the Delta steel at a cost of 45 million dollars

Economy and stock exchange

Medhat Nafie for "Day Seven" produced 500 thousand tons of pallets and 10,000 tons of castings

Dr. Medhat Nafie, Chairman of the Holding Company for Metallurgical Industries, revealed that the development of Delta Steel Company is in full swing, costing $ 45 million, including $ 30 million for pallet and 15 million for castings, including expansions in kilns and an increase in pallet production to 500,000 tons Instead of 50 thousand tons currently, and work is already underway and the equipment reaches the company is expected to start the first stages of production in September to produce 250 thousand tons as a first stage.

Medhat Nafie added that the second part of the development work includes raising the production of foundries from one thousand tons per year to 10,000 tons annually. Nine companies have already submitted the offer and the envelopes will be opened on May 20.

Nafie revealed that the move is taking place in all directions, whether to obtain the approvals of the Industrial Development Authority or electricity, besides the study of the exploitation of half of the company's land in real estate, where the conversion of land allocation from industrial to residential and discussed with a number of developers real estate.

He pointed out that the plan aims to stop the bleeding losses of the company, which lost during the last 3 years about 160 million pounds, which necessitated the rapid development and modernization.

Delta Steel Company, one of the holding companies for the metal industries of the public business sector, was founded in 1947. The company achieved production of 47764 tons last fiscal year, compared to 54400 tons during the same period of fiscal year 2016-2017. The company suffers from a high volume of wages amounting to 62.4 Million pounds for about 811 workers.

[tto] Delta Steel