The Egyptian Iron and Steel Company “under liquidation” announced that the liquidation surplus during the first half of this year amounted to EGP 1.148 billion.

The Egyptian Iron and Steel Company said that the total liquidation revenues from January until the end of June 2023 amounted to about EGP 1.503 billion.

The Egyptian Iron and Steel Company explained that the total expenses during the six months amounted to about EGP 355 million, which included EGP 176 million in total wages and compensation.

The company indicated that if wages and compensation were excluded from liquidation expenses, the surplus would reach EGP 1.32 billion.

In January 2021, the Extraordinary General Assembly of the Iron and Steel Company approved the decision to liquidate the company after considerable attempts to stop the losses, which amounted to about EGP 8.5 billion during the fiscal year 2019/2022, according to the Ministry of Business Sector.

The Iron and Steel Company’s total debts amounted to about EGP 12 billion, and the workers received all their dues, which amounted to EGP 2.2 billion, according to statements by Dr Mahmoud Esmat, Minister of the Public Business Sector. The liquidation work of the Iron and Steel Company is continuing.

The Iron and Steel Company, a subsidiary of the Holding Company for Metallurgical Industries affiliated with the Ministry of Public Business Sector, was established in 1954 to exploit iron ores in Aswan. It is a public company listed on the Egyptian Stock Exchange.

The Holding Company for Metallurgical Industries owns about 82.4% of the company’s shares, while Banque Misr owns 4.92%. Misr Aluminum’s contribution percentage is about 1.81%, and Al-Nasr Mining’s percentage in the Iron and Steel Company does not exceed 1%.