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Monday, 21 September 2020

Steel demand plummets on covid-19, gov’t construction ban

Steel demand plummets on covid-19, gov’t construction ban: The government’s decision to place a six-month ban on construction permits is intensifying a demand crisis in the steel sector already reeling from the covid-19 pandemic, Al Shorouk reports, following up on a story we first reported last month.

In other news from the industry: There’s debate over whether state-owned Egyptian Iron and Steel should spin off its most valuable business as it looks to place its mining and quarrying unit in a separate joint stock company. The company’s shareholders are being asked to sign off on the demerger next month, the company said in an EGX filing (pdf). A company board member has taken to the pages of Al Mal to speak against the idea, which is apparently being proposed by a consultant.

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