Cairo – Mubasher: Egypt Aluminum denied reports about upgrading its sixth production line instead of establishing a seventh production line.

The company affirmed that the report is completely incorrect, noting that the date of the tender for selecting a company to build the new production line was postponed to 1 June, according to a bourse disclosure on Thursday.

With the new production line, the Egyptian firm aims to increase its production by 250,000 tonnes per year of primary aluminium.

It is noteworthy to mention that in the first nine months of FY19/20, Egypt Aluminum suffered net losses of EGP 1.019 billion, against net profits of EGP 715.8 million in the year-ago period.