Reuters
The extraordinary general assembly of the Egyptian Iron and Steel Company decided to liquidate this company after its 67 years of life, as the company was established in 1954 during the era of the late President Gamal Abdel Nasser.
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The extraordinary general assembly decided to approve the division of the company into two companies, the iron and steel company that was liquidated, and the mines and quarries company, and it is expected that the private sector will enter a partner in it to operate it during the next phase.
The General Assembly attributed the reason for the liquidation of the Egyptian Iron and Steel Company to the high losses of the company, and its inability to return to production and work again.
It is expected during the coming period that discussions will be held with the workers of the company regarding the payment of the necessary compensation for them and the completion of the liquidation procedures, which were vehemently objected to Eng.Khalid Al-Feki, a member of the Board of Directors of the Holding Company for Metal Industries and the President of the General Syndicate for Engineering, Mineral and Electrical Industries, and a number of workers who attended The General Assembly today.
Engineer Khaled Al-Feki considered that the liquidation decision was a wrong decision and contributed to the elimination of a great history of the iron and steel industry in Egypt and the company that was founded in June 1954, and contributed to building the industry in Egypt, blaming the Chairman of the Holding Company for Metal Industries, Mohamed El-Saadawi, responsible for liquidating the ancient company.
According to what the Egyptian Iron and Steel Company announced, during the period from July 2019 to June 30 2020, the company incurred losses amounting to 982.8 million pounds, compared to a loss of 1.5 billion pounds for the corresponding period last year, while the total losses amounted to about 9 billion pounds. .
Source: The Seventh Day
