Cairo – Mubasher: The Egyptian Iron and Steel (Hadisolb) said that its parent company, Metallurgical Industries Holding Co, terminated discussions over an offer submitted by Sahara Group to finance the development of the iron and steel plant.

Sahara Group has not submitted all the required data requested by the company, Hadisolb said in a bourse disclosure on Monday.

The Metallurgical Industries Holding Co is on track for liquidating the steel plant as per the shareholders’ decision.

During the first half (H1) of fiscal year (FY) 2020/2021, Hadisolb suffered net losses of EGP 437.05 million, down from EGP 478.18 million in the prior-year period.