"Industry is the backbone of the national economies... Metallurgical industries are the pillars of sustainable and comprehensive development"
Dr. Medhat Nafi
The industrial sector is one of the leading sectors in the global economies, which contributes to 15.6% of the GDP in Egypt 58% of the total exports and 25.3% of the total workforce in the public sectors . Metallurgical industries are the mainstay of economic growth and a key pillar of the renaissance of nations and civilizations in particular, which arose in the wake of the First Industrial Revolution.
The Per Capita production of iron, aluminum, copper and other metal products is an important and vital measure of comprehensive sustainable development.
Egypt is proud to possess large industrial castles in the top of the national industry with many products supervised by the Holding Company for Metallurgical Industries that has in its financial portfolio a group of subsidiaries specialized in the fields of iron, steel and non-steel industries, mining, Thermal, construction and contracting services, as well automotive supplementary and home appliances.
MICOR was established by the Presidential Decree No. 429 of 1983 under the name of the Public Sector Authority for Metallurgical Industries, in accordance with the provisions of the Public Sector Companies Law No. 203 of 1991 and its executive regulations, the MICOR replaced the Public Sector Authority for Metallurgical Industries as an Egyptian Holding Stock Company.
The company's authorized capital is EGP 5 billion while the shared capital is EGP 3.2 billion. The company achieved a net profit of EGP 1.1 billion on June 30, 2018.
The Holding Company for Metallurgical Industries has under its umbrella 14 active companies and one company under liquidation. The total investments of the subsidiaries are about EGP 7.1 billion in of June 30, 2018, with exports amounting to EGP 11.2 billion. It also has investments in 12 joint companies, about EGP 565 million, and the total investment income from these companies in 2017/2018 about EGP 1.8 billion, or 23.2%. In addition to EGP 29.5 million investments in one company under liquidation
The Holding Company for Metallurgical Industries seeks to maximize the profitability of the high performance subsidiaries and stop the losses of the low performance companies and converting them into high profit companies using relative advantage of each company & industrial sector within the comprehensive vision of the national economic reform which began to bear tangible results and reflected on improving the Egypt's credit rating and decreasing inflation and interest rates, and also coinciding with the possession expansion program launched by the government that aims to providing alternatives to financing the company's expansions and projects listed in the program, which would activate the stock market, as is a mirror of the national economy.
The Holding Company for Metallurgical Industries works according to a specific strategy and operational plans based on the institutional development of individuals and systems, increasing the employees' productivity, which is the most important element in the development process and enrichment of the metal industry sector, and constantly working on building its capabilities and technical and administrative qualification to keep pace with all developments and competition locally and internationally; The strategy of export orientation, replacement of imports and partnership with the private sector in various forms, and maximizing the management of financial and monetary assets, with the completion of development projects and rehabilitation of factories as soon as possible and with the highest efficiency.