Wednesday 27/November/2024 – 10:13 AM
Ezz Steel Company announced in a statement to Egyptian Stock Exchange Today, the 210 KVA power transformer for the second melting furnace of Al-Ezz Flat Steel Manufacturing Company, Ain Sokhna – Suez – a subsidiary, suffered a serious malfunction.
Ezz Steel: One of the electrical transformers broke down…and it takes 9 months to repair it
The company stated that it contacted the manufacturer immediately after the malfunction occurred, and in light of the initial assessment of the situation, the repair period is expected to take about 9 months.
Hassan Ahmed Nouh, Chairman of the Company’s Board of Directors
The company decided Ezz ironthe largest steel company in Egypt, appointed Hassan Ahmed Nouh as Chairman of the Company’s Board of Directors, in addition to the position of Managing Director he currently holds.
The company explained in a statement to the Egyptian Stock Exchange today, Wednesday, that the appointment is pending the restructuring of the Board of Directors and presentation to the company’s ordinary general assembly, due to the death of Mamdouh Fakhr El-Din Al-Roubi, Chairman of the Company’s Board of Directors.
Ezz Steel commented on the announced news regarding the signing of oil exploration agreements with Ezz Steel, saying that a framework agreement of intent for consultation and cooperation had been signed between the state and a number of Egyptian industrial groups, including the Ezz Steel Group.
The company said in a disclosure sent to the stock exchange that these agreements stem from the state’s desire to involve the most important Egyptian private sector companies in all economic sectors, and it is expected that coordination on this issue will begin in the coming period.
Sales revenues achieved about 100.684 billion pounds in the first half of 2024, up from 62.262 billion pounds in the first half of 2023.
Ezz Steel exports reached $822 million in the first half of 2024, with Ezz Steel exports reaching $544 million (66.2% of the total), and rebar exports reaching $278 million (33.8%).
