Egyptian Iron and Steel to not be liquidated: minister

Egypt’s government denied in official statement the intention to liquidate the Egyptian Iron and Steel Company due to huge losses, the Information Centre of the Council of Ministers contacted the Ministry of Public Affairs stated Friday, saying that Iron and Steel Company is operating normally.

Minister of Public Enterprise Khaled Badawy announced in a statement that as part of the state plan to develop and restructure public sector, the ministry is currently working on developing the company, and raising its efficiency and productivity according to specialized feasibility studies.

Badawy explained that the development is applied through different phases. The first phase aims at providing sufficient capacity for the company to operate efficiently, and increase the productivity of the oven to reach 420,000 tonnes per year, noting that there are two kilns functioning at their maximum capacity.

In the same context, the minister pointed out to a plan for processing and sale of accumulated scrap in the company, which was previously stolen, within the framework of benefiting from unused assets.

The minimum estimate of scrap reaches 600,000 tonnes, in addition to the soil mountain containing 700,000 tons of scrap.

Source: Egypt Today