The extraordinary general assembly of the Iron and Steel Company, one of the companies of the Egyptian Ministry of Public Business Sector decided, on Monday, to liquidate the Iron and Steel Company after 67 years, as the company was founded in 1954.
Al-Shorouk stated, according to a responsible source, that the General Assembly decided to divide the company into two companies, the Iron and Steel Company that was liquidated, and the Mines and Quarries Company, indicating that the reason for the company was liquidated. Due to the company's high losses, and its inability to return to production and work again.
the source added, that the General Assembly decisions will be officially announced today, Tuesday.
According to what the Egyptian Iron and Steel Company announced, the last period, during the period from July 2019 to June 30, 2020, the company achieved losses amounting to 982.8 million pounds against a loss of 1.5 One billion pounds for the corresponding period of last year, while the total losses amount to about 9 billion pounds.
