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The Egyptian Iron and Steel Company (under liquidation) has invited its ordinary and extraordinary general assemblies to convene on October 19, 2026, to discuss several items related to liquidation activities.
The agenda for the ordinary general assembly includes approving the company's balance sheet as of June 30, 2026, as well as approving the liquidation account for the period from January 1 to June 30, 2026.
The extraordinary general assembly will also discuss voting on extending the liquidation period for another year starting from January 1, 2027, or until the completion of liquidation activities, whichever comes first.
The invitation comes as part of completing the procedures related to the company's liquidation, which has ceased production and is currently undergoing liquidation.
The Egyptian Iron and Steel Company was established in 1954 in Helwan and began production in 1958. For decades, it was a cornerstone of the steel industry and heavy industries in Egypt. Since its inception, the company relied on local iron ore for its production processes, and its growth was linked to the industrial expansion that Egypt witnessed since the 1950s.
However, in its later years, the company faced a sharp decline in production and a continuous rise in operating costs, coinciding with the aging of furnaces and equipment and the accumulation of losses and financial obligations. According to government data preceding the liquidation decision, the plant's operational capacity had reached only about 10% of its design capacity of 1.2 million tons annually, and accumulated losses amounted to approximately EGP 8.5 billion as of June 2020.
After years of attempts to address the company's situation and restart its operations, government assessments concluded that continuing the activity was difficult due to high production costs compared to selling prices, accumulated debts, and the need for significant investments to rehabilitate production lines. In January 2021, the extraordinary general assembly approved the company's liquidation, separating the mining and quarrying activities into an independent company, "Iron and Steel for Mines and Quarries."
Since that decision, the company has transitioned from the production phase to the phase of liquidating its assets, settling its liabilities, and finalizing its legal and financial affairs. Therefore, the request to extend the liquidation period, presented to the general assembly in October 2026, is related to completing liquidation activities, not to the continuation of the company's production operations.
