The Ordinary General Assembly of Egypt Iron & Steel Company has approved the liquidator’s report on the company’s liquidation activities during the first half of the current year. It also endorsed the financial position and liquidation revenue and expense accounts for the period from January to the end of June 2025, which recorded a surplus of EGP 1.038 billion.
Meanwhile, the Extraordinary General Assembly approved extending the liquidation period for an additional year starting January 2026, or until the completion of the liquidation process, whichever comes first.
The company noted that it is considering various alternatives to maximize value, in light of discussions on the possibility of operating part of its facilities.
For his part, Minister of Transport and Industry Kamel El-Wazir stated that the government is studying a plan to revive the Helwan steel plant, which includes restarting the continuous casting unit at Plant 7 through the addition of a new furnace, as well as establishing a new unit for producing billet steel.
In the second half of 2024, the liquidation results showed a surplus of EGP 844 million, with revenues reaching EGP 896 million, against expenses of EGP 52 million, including EGP 23 million in total wages.
The company also reviewed the status of its outstanding debts, which stood at approximately EGP 5.9 billion by the end of last year, in addition to EGP 1.37 billion owed to the Metallurgical Industries Holding Company.