Egyptian Minister of Public Business Sector, Dr. Hisham Tawfik, stated that the government has been conducting consecutive studies regarding the liquidation of the Iron and Steel Company for an extended period.
Dr. Tawfik added that the debts of the Iron and Steel Factory are estimated at around 7 billion Egyptian pounds. He continued that the company employs more than 7,000 workers, noting that efforts were made to separate the mines from the Iron and Steel Company after liquidation, and the company was divided into factories and mines to close the parent company.
In conclusion, Dr. Tawfik mentioned that there is an investment of 800 million pounds on a plot of land measuring 50 acres, adding that three companies have been liquidated out of a total of 119 public companies. He assured that compensations for the workers will be provided and will be disbursed to the employees at the end of next month.
