Orascom Construction Ltd., the big, Cairo-based engineering and construction company, says it lost almost $400 million (U.S) in 2015 and that problems, which include cost overruns and a contract dispute, on an Iowa fertilizer plant project weighed down the overall financial performance of its U.S. operations.
The nitrogen fertilizer plant project in Wever, Iowa, begun in late 2012, and losses under Orascom’s engineer, procure and construct contract were “overshadowing the success of other major parts of the business,” the company stated.