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The Industrial Development Authority (IDA) has begun settlement proceedings for a factory owned by Bianco Group of Integrated Industries, after the cabinet decided to approve “the issuance of new licences for the company, allowing it to increase its productive capacity for projects to produce steel billet, while maintaining the rights of the state” in its …
Abdel Nour met with the companies to discuss repercussions of increase in energy prices on iron
The government had recently increased natural gas prices by $3 for the iron and steel industry, bringing the total price to $7 per million BTUs.
Sunrays filter through rows of glass Ramadan lanterns, spraying colour over the narrow alley in Al-Darb Al-Ahmar. People view the displayed lanterns with admiration as they walk by, but only a few negotiations with shop owners end in a sale. Using Lanterns in Ramadan celebrations is a tradition that goes back to the Fatimid …
Real estate experts expect price jumps in properties, as government price rises for petroleum push up the cost of building materials
Abdel Nour said that the investment climate has improved significantly over the past three months.
Investors welcome the move to reduce energy subsidies, but ask government to protect the poor from expected price jumps through social programmes
Steel plants say they suffer from energy shortages, and despite working at only 70% of production capacity, over accumulation of their inventories has reached 150,000 tons
Steel tycoon still facing charges
The steel tycoon remains locked up for two other financial corruption cases
Reuters – Ezz Steel, Egypt’s biggest steel maker, trimmed its net loss by 74% in the third quarter of FY 2013 to 28.64 million Egyptian pounds from 110.05 million a year earlier, company results showed on Monday. Street unrest, political turmoil and an economic slump since a popular uprising toppled autocrat Hosni Mubarak in 2011 …
Companies in Egypt have arranged for Turkish steel imports in order to lower the price of domestic steel
Demonstration expected Wednesday
The workers call on the government to resign after failing to resolve the crisis
Government fails to solve the problem nearly one month after the beginning of the strike
Government pledges EGP 100m to striking workers
Cassation court overturns criminal court ruling of Mubarak-era steel tycoon
Workers rally outside the holding company headquarters on 14th day of strikes
Minister of Manpower discussing worker demands with cabinet; parent company attempting to solve the issue
Strikers’ demands include removal of the board, payment of profit share
The Egyptian Initiative for Personal Rights says workers seriously threatened by security officials
Steel magnate Ahmed Ezz released until next court session.
Rising cost of materials and devaluing currency important factors affecting the industry
Egypt steel tycoon jailed, but company lives on
The Giza Criminal Court sentenced the Mubarak-era politician to 37 years for illegally acquiring a state-run iron and steel company
The rise of prices is also reflected in all other products in the Egyptian market, especially imported ones
Importers call on the Ministry of Industry to cancel newly imposed anti-dumping duties
Lebanese chairman insults Egyptian workers
The government plans to re-enforce article 10 of the Competition Protection and Monopoly Prevention Act (CPMPA), according to Minister of Industry and Foreign Trade Hatem Saleh. The Citizens Against Price Rise Association (CAPRA) recommended reviving article 10 of CPMPA, which stipulates that the prime minister has the right to set the price of one commodity …
Since the beginning of this month, international prices for steel have not changed. Prices stabilised at $615 per tonne of steel and $580 per tonne of billet.