Egyptian Iron and Steel (Hadisolb),a subsidiary of the Ministry of Public Business Sector, is officially spinning off its mining operations and liquidating its steel plant in Helwan, after a decision made by its extraordinary general meeting (EGM).
The reason for liquidation of the 67-year old steel plant is the rising losses incurred by the company and its inability to return to production.
The process will only be completed after the company’s workers are compensated, Public Enterprises Minister Hisham Tawfik said on Monday.
In 2020, Tawfik had said that the troubled company would spin off its most valuable business into a separate company ahead of a potential listing on the Egyptian stock exchange. This comes as the ministry attempts to streamline a number of state-owned enterprises and make the public sector more competitive