Cairo – Mubasher: Egyptian Iron and Steel (Hadisolb) announced that the Egyptian government’s decision to slash prices of natural gas to $5.5 per one million British thermal units (BTU) from $7 will save the company EGP 225 million annually.
Hadisolb consumes 237 million cubic metres of natural gas each year which will now cost EGP 872 million, compared to EGP 1.097 billion when priced at $7 per one million BTU, according to a filing to the Egyptian Exchange (EGX) on Wednesday.
During fiscal year 2018/2019, the iron and steel firm suffered net losses of EGP 1.465 billion, compared to EGP 899.61 million in the prior fiscal year.
