Cairo – Mubasher: The extraordinary general meeting (EGM) of the Egyptian Iron and Steel (Hadisolb), a subsidiary of the Ministry of Public Business Sector, decided to liquidate its steel plant and spin off its mining operations, Ahram Gate reported on Monday.

The reason for liquidation is the rising losses incurred by the company and its inability to return to production.

During the first quarter (Q1) of fiscal year 2020/2021, Hadisolb incurred net losses of EGP 274.48 million, down from EGP 367.8 million in the year-ago period.