Cairo – Mubasher: The Egyptian Iron and Steel (Hadisolb) achieved EGP 554.87 million in activity revenues during the first half (H1) of fiscal year 2020/2021.

In addition, local sales and exports amounted to EGP 116.3 million in the July-December period of 2020, the company said in a bourse disclosure on Sunday.

Earlier, the company’s shareholders approved a decision to liquidate its steel plant and spin off its mining operations.

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 FY20/21, Hadisolb incurred net losses of EGP 274.48 million, down from EGP 367.8 million in the corresponding period a year earlier.