The Egyptian Iron and Steel Company has signed a contract with UK-based Tata Steel Consulting, a subsidiary of Tata Steel, to boost its production levels. In a statement, the Egyptian Iron and Steel Company said that Tata Steel will provide a plan to increase production potential to reach 1.2 million tons of finished steel or 1.45 million tons of semi-finished steel annually.A largely state-owned company it has been suffering from chronic losses in the past years, which reached $ 98 million in the third quarter of the 2012-2013 fiscal year. The company sources its raw materials from mines in Aswan, Upper Egypt, and hence are not exposed to the volatility of international markets. The company is 90 percent owned by state-owned Metallurgical Industries Holding.