ArabFinance: The liquidation of Egyptian Iron and Steel (EISC ) is a final decision and the Public Business Sector Ministry’s priority is to compensate the workers within three months, Minister Hisham Tawfik said.

The liquidation decision came after a general meeting resolution in January. Tawfik asserts that the decision should not be compared to an earlier one taken back in the 1990s.

Liquidating the establishment will be completed after the company’s workers are compensated, Shorouk News cited Tawfik as saying.

The board of directors of Egyptian Iron and Steel had on January 12th a resolution liquidating the company and dividing it into two new entities. The resolution stipulated that EISC will be divided into a company for iron and steel and another for mines and quarries.

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

The listed company suffered a net loss after tax of EGP 274.48 million during the 3 months period between July and September.

Egyptian Iron and Steel, an affiliated company of HCMI, is an Egypt-based public shareholding company engaged in the exploitation, production, and trade of iron and steel products. The company provides two product segments, major products, and other Products.