Cairo – Mubasher: Egyptian Iron and Steel (HADISOLB) on Sunday announced that its board had agreed to cancel tender No. 16607 concerning upgrades developing to the Egyptian company.
The steel producer will do its best to enhance equipment performance and increase its production, according to the firm’s statement to the Egyptian Exchange (EGX).
The company relied on a report released by Tata Steel, an Indian multinational steel-making company headquartered in Mumbai, affirming the stability in HADISOLB’s production.
It is worth noting that the company posted a net loss of EGP 726.3 million during the fiscal year starting from July 2017 to June 2018, compared to EGP 750.26 million in the same period of the previous FY.
By 01:22 pm Egypt time, HADISOLB’s stock plunged 7.25% at EGP 6.78.
