Egyptian Iron and Steel is officially spinning off its mining operations and liquidating its steel plant in Helwan, after the extraordinary general meeting (EGM) of the Egyptian Iron and Steel (Hadisolb), a subsidiary of the Ministry of Public Business Sector, decision. The reason for liquidation is the rising losses incurred by the company and its inability to return to production. The process will only be completed after the company's workers are compensated, Public Enterprises Minister Hisham Tawfik said yesterday. Tawfik had said last year that the troubled company would spin off its most valuable business into a separate company ahead of a potential listing on the EGX. This comes as the ministry attempts to streamline a number of state-owned enterprises and make the public sector more competitive
