Egyptian Steel & Iron Co. to lay off 10,000 workers
Local banks have refused to negotiate with the Egyptian Steel & Iron Company regarding the settlement of its three billion Egyptian pound ($771 million) debt, according to Al-Hayat daily. Supposedly, 10,000 of the company’s 19,000 employees may soon be forced into early retirement.
As a result, future development of the company is uncertain. Presently, the government is demanding that Al-Ahli Bank, Alexandria Bank and the National Investment Bank convert a portion of these loans into stocks.
According to the company’s financial data, total assets as of June 2000 stood at $1.5 billion, while liabilities amounted to $1.24 billion.
Egypt's steel production, which reached 1.5 million tons annually during the 1990s, increased to 4.5 million tons last year. ― (MENA Report)
© 2001 Mena Report (www.menareport.com)