AMMAN: National Steel Industry Company will resume production by mid-July, shareholders were told this week by Vice Chairman and General Manager Hisham Al Mufleh.
Chairman Ghassan Al Mufleh said during the ordinary general assembly meeting that the investment injected by the strategic partner saved the company from obligatory liquidation. “The company is now in a much better situation and in the final stages to restart operations,” he told shareholders. According to the chairman, the company surmounted the difficulties that afflicted it in the past due to liquidity shortage.
Al Mufleh said during the general assembly meeting that, because there would be no working capital by the time the upgrading is completed, the strategic partner also agreed to extend a loan without interest to supply the company with liquidity needed for buying raw materials and sustaining the production line.The annual report showed a JD1.1 million deficit in working capital at the end of last year as total current liabilities amounted to JD2 million while total current assets stood at JD0.9 million.
The chairman expressed appreciation to JEDCO for supplying National Steel Industry with a JD1.4 million soft loan that enabled it to sign up the Indian firm K.N. Engineering Works to renovate the production line and raise its annual output capacity to 120,000 tonnes.
