Egypt Aluminum Co. Announcing $500 Reduction in Aluminum Prices

Egypt Aluminum Co. announced $500 reduction of aluminum prices for both local sales and exports. This was reported in the media quoting Mr. Sayyed Abdel Wahab, Chairman of the company, indicating that the development is part of the company's commitment to adapt to changes in world prices which has recently witnessed an 8% drop over the past few days. Meanwhile, the Executive noted that the company is allocating more investments to produce other higher value added aluminum products such as the aluminum cylinders, rollers and electrolytic wires. Monthly sales of those items increased lately to 6,000 tons up from 3,500 tons earlier.