The Egyptian Iron and Steel Company intends – under liquidation – to conclude a contract with the Nasr Company for the manufacture of coke, after the completion of the final reconciliation report between the two companies, related to the differences in supply prices and the prices of the European Stock Exchange for the fiscal year 2019/2020.
Where the report of the Central Auditing Agency revealed, that examining the financial statements of the Egyptian Iron and Steel Company last year, revealed that the company had not yet provided the Agency with the details of the agreement with the Coke Company regarding prices for the supply of coal and the pricing principles, and the company did not inform the Electricity Company of differences in the capacity factor and discounts It has not been reimbursed.
The company responded that the power factor was the result of an error in the meters and the failure to operate the capacitors that improve the power factor. This was proven in the presence of the company’s representatives and confirmed in the inspection record.
The company responded to the report that, in cooperation with the Holding Company for Metal Industries, it will form a committee to register lands not yet registered. Also read: “Iron and Steel” re-registers lands that have been removed from the records since 2008, and the report indicated that the company re-registered lands worth 6.1 million pounds. Previously, it was removed from the records based on the fatwa of the State Council.
The “Central Auditing Agency” also mentioned that the company has not yet provided the agency with the final report submitted by the expert regarding the in-kind share provided by the government in the company’s capital, in addition to the contents of the in-kind share of the lands amounting to about 413 thousand pounds and what has been done regarding the evaluation of this land by legal means. .
While the company’s response came that the in-kind share was handed over to the agency a copy of it, which is explained by the damaging facts, specifically number 213, and the company is searching for the expert’s report on this share, as it is not easy to obtain it due to the passage of more than 50 years.
The Central Auditing Agency stated in its notes that the company did not take legal measures and did not inform the agency of contracts for each of the 790 feddans in the company’s possession. A hand was placed in the Tebeen area, of which 107 acres, the al-Tebeen district put up a sign that it is not permissible to deal on the land and that it belongs to it. In addition to 654 acres in the Bahariya Oasis and an area of 45 acres purchased from the National Cement Company – under liquidation – since 1979.
In its response to the Central Auditing Company, the company stated that it is still taking legal measures regarding the land of Tebbin, and the company also said that it is trying to discuss with the Governor of Giza the formal allocation of the Bahariya Oasis land, in addition to addressing the concerned authorities to take the necessary measures to remove the purchased land from the National Cement Company, within Survey of lands and the liquidation procedures that are currently taking place.
Last week, Al-Borsa newspaper published that the Mineral Holding Company will start announcing the details of the liquidation of the Egyptian Iron and Steel Company, within days, to appoint the liquidator and implement the decisions of the Ordinary and Extraordinary General Assembly last January regarding the liquidation of the company after separating the quarries and mines activity in an independent company owned by the same shareholders. .
The Holding Company for Metal Industries acquires 82.4% of the iron and steel shares, and the Nasr Mining Company acquires 0.99% of the total shares, in addition to others who acquire less than 5%.
Iron and Steel Company Development Offers The Holding Company for Metallurgical Industries said, in a disclosure statement to the Egyptian Stock Exchange, that there is no offer to buy the company, and that the offer from the Ukrainian company Fash Mash does not exceed a review of the company’s various departments, and does not amount to being an offer to develop the company or a detailed plan. The Holding Company stated that the decisions of the Ordinary and Extraordinary General Assembly of the Egyptian Iron and Steel Company – under liquidation – held on January 11, 2021, are being implemented.
The article “Iron and Steel” intends to sign a new contract with “Al-Nasr Cook” company, which was written in Al-Borsa newspaper.