The Egyptian government decided to abandon the Steel Company, thereby liquidating one of the oldest companies created in the Middle East in the middle of the last century. Local media reported that the decision was made after the metal industries holding company and the public sector ministry failed to deal with the company's crisis. Last May, a commission was appointed to study the fate of the company after international companies lost interest in buying shares. The commission had assured that the company could no longer continue its activities.
Currently, the Ministerial Council is studying the various compensations that the employees of the company will get; compensation estimated at billions.
The Steel Company was founded in June 1954 and contributed to the construction of the wall of missiles during the war of October 1973. The company employs approximately 7500 employees with a payroll of more than 50 million pounds (2.9 million dollars) per month. However, the company had suspended recruitments since 2014.
For their part, workers stated that the company includes four production stoves, two of which are completely shut down, which means that the company only worked at 50% of its production capacity while its board administrative refused to carry out maintenance work.
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