Liquidation of the Egyptian Iron and Steel Company … and the separation of mines in an independent company
The extraordinary general assembly of the Egyptian Iron and Steel Company, one of the companies and the Ministry of Public Business Sector decided today, Monday, to liquidate the Iron and Steel Company after 67 years of its activity.
The association clarified today, Monday, that the reason for the liquidation of the Egyptian Iron and Steel Company is the high losses of the company, and its inability to return to production and work again, according to Al-Ahram Portal.
The assembly decided to approve the division of the company into two companies, the Iron and Steel Company, which was liquidated, and the Company of Mines and Quarries, and it is expected that the private sector will enter into a partner to operate it during the next phase.
During the first quarter of the current fiscal year, the Egyptian Iron and Steel Company achieved losses amounting to 274.48 million pounds during the period from January to last September, compared to losses of 367.8 million pounds in the comparative period from 2019-2020.
The company’s sales declined during the first quarter of the current fiscal year to 237.72 million pounds, compared to sales of 280.31 million pounds in the comparative period of the last fiscal year.