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Mineral Holdings: Solar power plants reduce the cost of producing aluminum and alloys


Engineer Khaled El-Feki, a member of the Board of Directors of the Holding Company for Metal Industries, president of the General Syndicate for Engineering and Metallic Industries, confirmed that there is a gradual improvement with regard to the Egyptian Aluminum Company, which was established alongside the Iron Alloy Company to take advantage of the excess energy from the High Dam after its construction.


Khaled Al-Feki added to "The Seventh Day" that the new industrial complex succeeded in benefiting from electricity and started in the field of exports, at a rate of 60% and consumption of 40% locally, and the company could also export 100% of its production to provide hard currency to the economy. He pointed out that with the increase in electricity prices, the company began to suffer from a crisis, which led to its shift from profitability to loss gradually, especially as it coincided with the decline in metal prices globally and the decline in the dollar price.

 

Khaled Al-Feki explained that the company needs to reduce electricity prices, due to the great dependence on it, as 48% of the cost of producing a ton of aluminum is electricity, which is the same as the cost of a ton in the manufacture of ferroalloys, and on the project to establish a solar energy plant, pointing to the importance of providing Facilities for the company in this direction; To reduce the energy cost of the solar plant.

 

He said that the Egyptian ferroalloys have a large global market and surpassed the European Union industry, and also achieved losses amounting to about 90 million pounds. As a result of the high price of electricity, he pointed out the importance of supporting the Egyptian industry and the Egyptian factor.

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