Egypt to disburse EGP 225,000 to each worker at liquidated Iron and Steel Company

Egypt’s Ministry of Public Business Sector will disburse a minimum of EGP 255,000 in reparations for each of the 2,500 workers at the recently liquidated Egyptian Iron and Steel Company.

On 12 January, citing chronic losses, the board of directors of the Egyptian Iron and Steel Company passed on a resolution liquidating the company and dividing it into two new companies.

The company has been one of the country's industrial icons since its establishment in 1954 and start of operations in the early 1960s.

The liquidation resolution stipulated the company will be divided into a company for iron and steel and another for mines and quarries.