Egyptian national company for Iron and Steel to be liquidated

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Sat, 16 Jan 2021 - 03:52 GMT

Steel – CC via Wikimedia

Steel – CC via Wikimedia

CAIRO – 16 January 2021: Egyptian Member of Parliament Mustafa Bakri has submitted a request to House of Representatives, to question the government over the liquidation of the state-owned Iron and Steel Company.
 
On January 11, 2021, the General Assembly of the Helwan-based company took a decision to liquidate the company due to losses and huge debts.
 
Bakri said in his request to interrogate the Minister of Business Sector, saying “the company, which was established in 1954, has been liquidated by an unfair decision stemming from a severe hostility by the current Minister of Business giants Public Business Sector.”
 
The MP said that the government failed to produce coke necessary for operating the furnaces to save the Iron and Steel Company. But the production declined by more than 10%.
 
He said the company has searched for all means to present objective solutions to operation of the furnaces, but all of this went unheeded by the Minister of Business Sector's determination to liquidate the company.
 
The company is not the last national company that has been liquidated. In September 2018, the Ministry of Public Business Sector declared the liquidation of the National Company for Cement due to the continued losses.
 
 

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