Loss-making Egyptian Iron and Steel could be coming under military control

The Military Production Ministry may be about to take over Egypt Iron and Steel after industry insiders submitted a report claiming the decision to separate its mining operations could be dangerous to the company’s financial stability, Masrawy reports. The troubled company earlier this month said it would spin off its most valuable business into a separate company ahead of a potential listing on the EGX. The report advises that the military’s National Service Products Organization or the Military Production Ministry take over the company instead to exempt it from taxation and provide it with funding.