November 1, 2021

Higher gas prices to raise Ataqa’s production cost by EGP 26/ton


ArabFinance: Misr NAtional Steel (Ataqa) (ATQA) announced that the Egyptian Cabinet’s decision regarding the re-pricing of natural gas to industries would raise the company’s cost of production of gas by EGP 26 per ton, according to a statement filed to the Egyptian Exchange (EGX).

This represents 28% of the cost of gas, the statement added.

It is worth noting that the Egyptian Cabinet has approved the recommendations of the ministerial committee regarding raising natural gas prices for iron and steel industries to $5.75 per million British thermal unit (mmBTU), instead of $4.50 per mmBTU.

ATAQA is an Egypt-based company engaged in the manufacture of reinforced steel bars according to Egyptian and international standards in different sizes and thicknesses.

arabfinance


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