Iron and Steel continues liquidation process negating receiving any sell offers

CAIRO – 28 March 2021: The Egyptian Iron and Steel (IRON) announced that the company's liquidation process is continuing, and the committee overseeing the liquidation business did not receive any offers to sell the company.

The company declared in a statement to the Egyptian Stock Exchange (EGX), Sunday, that what the Ukrainian company Fash Mash presented is nothing more than a review of the company's various divisions, nor is it a proposal to develop the company or a detailed plan to purchase it.

It stated that the decisions of the Ordinary and Extraordinary General Assembly of the Egyptian Iron and Steel Company are being implemented under liquidation held on January 11, 2021.

The Ordinary General Assembly of the Egyptian Iron and Steel Company agreed to dissolve and liquidate the company upon completion of the division process, and authorize the president of the association to appoint the liquidators and determine their fees and the term of the liquidation, provided that the company's financial position on December 31, 2020, is the basis for liquidation.

The revenues of the company's current activity amounted to about LE 682.8 million during the period from July 1 to February 28, 2021, and local sales reached LE 45 million in last January, while there were no exports during the same month.

During the first half of fiscal year of 2020/2021, the Egyptian Iron and Steel Company’s losses decreased by 8.6 percent, on an annual basis.

The company stated that it recorded losses amounting to LE 437.05 million during the period from July to the end of December, compared to losses amounting to LE 478.18 million during the same period of the previous fiscal year.

The company's revenues declined during the six months to record LE 555.28 million by the end of December, compared to LE 583.25 million during the same period of last fiscal year.

Egyptian Iron & Steel operates within the Materials sector focusing on Steel.