CAIRO: Egypt's Industrial Development Authority announced it would not submit a proposal to make the Egyptian government a partner in Ezz Steel Company. The authority had held a meeting to consider the court verdict that withdrew the licenses from various steel companies, including Beshay Steel, Taybah Steel, the National Steel, Garhey Steel, and Ezz Steel. In the meeting, the authority proposed a solution to the problem of steel companies' revoked licenses. The authority proposed giving three of the companies, Beshay Steel, Taybah Steel and Garhey Steel, a period of time to repay the value of their licenses in order to keep the companies' investments, employees' interests, and to raise the steel production rate. Another proposal puts forward that the three licenses could be given to new investors in public auctions.
