The Misr Aluminum Company (Egyptalum) has awarded the US-based company Bechtel an engineering consultant contract for the former’s seventh production line project.
The project aims to increase Egyptalum’s production of aluminium, with Bechtel highly qualified in managing aluminium smelters projects.
An Egyptalum official said that, based on the selection, the company will start implementing the project before the end of 2020. In a two stage process, Egyptalum aims to increase its production of primary aluminium by 250,000 tonnes per year using modern technology.
Egyptalum said that a session in which the technical bids were opened was held according to the date set for the public tender that had previously been announced.
Egyptalum is a subsidiary of the Metallurgical Industries Holding Company, which itself falls under the Ministry of Public Enterprises Sector’s umbrella. It revealed that losses of about EGP 994m in FY 2019/20, compared to a profit of about EGP 571m in FY 2018/19.
The losses have been attributed to the decrease in global metal prices, and the lower US dollar exchange, along with the rise in electricity prices.
In a statement on Sunday, the company added that the losses have also been caused by the weak return on investments, as well as the novel coronavirus (COVID-19) pandemic. These have both negatively affected the company’s exports.
Egyptalum said that it achieved revenues of EGP 7.2bn in FY 2019/20, compared to EGP 12.1bn in FY 2018/19.