Al Borsa News reported that Egyptian Iron and Steel’s Hadisolb shareholders decided to liquidate the steel factory in Helwan district in line with the incurred loss. The plant is not able to continue in business and meet production needs, the news portal added. Hadisolb will begin a horizontal demerger of the firm. Liquidating the establishment will be completed after the company’s workers are compensated, Shorouk News cited public enterprises minister Hisham Tawfik.
The listed company suffered a net loss after tax of EGP 274.48 million during the July-September 2020 period.