Egyptian Iron and Steel Company reports significant liquidation surplus amid ongoing restructuring

In a financial milestone that highlights the resilience of the Egyptian Iron and Steel Company, the organization has reported a remarkable EGP 1.148 billion surplus in liquidation during the initial six months of this year.

Total liquidation revenues for January to June 2023 amounted to about EGP 1.503 billion, with expenses totaling EGP 355 million, including EGP 176 million for wages and compensation. Excluding these expenses, the surplus would be EGP 1.32 billion. The decision to liquidate the company was made in January 2021 due to significant losses of about EGP 8.5 billion in the fiscal year 2019/2022. The company's total debts are around EGP 12 billion, and all dues to workers, totaling EGP 2.2 billion, have been paid. The liquidation process is ongoing. The company is a subsidiary of the Holding Company for Metallurgical Industries, listed on the Egyptian Stock Exchange, with significant ownership by the government and various entities.

The surplus signals a positive trend for the Egyptian Iron and Steel Company and bodes well for its future endeavors in the ever-evolving industrial landscape of Egypt. The company's success is not only a boost to its employees and stakeholders but also a testament to the resilience and potential of the Egyptian industrial sector.