The Ordinary and Extraordinary General Assembly of the Egyptian Iron and Steel Company approved the financial statements for the last fiscal year, and the continuity of the company.

The company stated in a statement issued today, Tuesday, that the ordinary general assembly approved the report of the board of directors and the financial statements for the last fiscal year, and decided to release the board for the period.

The ordinary assembly recommended that the company swiftly take all necessary legal measures to register some of the lands owned by it, remove the encroachment on it, and confirm the speed of disposal of the stagnant stock of all kinds.

The association also recommended studying all debit and credit balances and discontinued balances for customers and suppliers and their rapid collection to provide financial liquidity for the company to finance working capital, as well as confirming commitment to the deferred tax account, and strengthening the internal control system on all aspects of activity.

It also recommended that the necessary legal measures be taken quickly regarding theft, manipulation, forgery and embezzlement of public funds, and informing the competent authorities.

At the level of the extraordinary assembly, the shareholders decided to continue the company for further study on the iron and steel situation, and the upcoming general offer, given the low all financial, productivity and economic indicators of the company and its inability to fulfill its obligations towards others, the most important of which is the provision of workers’ wages and the provision of production requirements.

The company confirmed that this led to an increase in its carry-over losses, which amounted to 8.2 billion pounds, with no clear vision for the company’s management to find practical solutions that would help remove it from its stumbling block.

It is noteworthy that the company achieved losses amounting to 982.83 million pounds during the period from July 2019 to June 2020, compared to losses of 1.52 billion pounds in the previous fiscal year.

In the last fiscal year, the company achieved sales of 1.08 billion pounds, compared to sales of 1.24 billion pounds in the previous fiscal year.