Cairo - Mubasher: Egyptian Iron and Steel (HADISOLB) said on Sunday that its board has approved to renew the decision to sell some of the company’s products at a lower than cost price for a three-month period until December 2016.

The execution of this decision will be suspended in the case of a rise in prices, the company said in its statement to the Egyptian Exchange (EGX).

The decision is attributed to the company’s economic and financial circumstances, with the local market deterioration, and the plunging prices of steel products in global markets, as well as the company’s urgent need for financial liquidity to pay for liabilities and production necessities.