{"id":566578,"date":"2021-06-28T13:54:18","date_gmt":"2021-06-28T13:54:18","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/28\/a-last-ditch-effort-to-save-egyptian-iron-and-steel\/"},"modified":"2021-06-28T13:54:18","modified_gmt":"2021-06-28T13:54:18","slug":"a-last-ditch-effort-to-save-egyptian-iron-and-steel","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/28\/a-last-ditch-effort-to-save-egyptian-iron-and-steel\/","title":{"rendered":"A last-ditch effort to save Egyptian Iron and Steel?"},"content":{"rendered":"

<\/a> Ukraine\u2019s Vazhmash is serious about saving Egyptian Iron and Steel: <\/strong>Ukraine-based industrial player Vazhmash<\/a> has fielded a \u201cserious\u201d offer to step in and revive defunct state-owned Egyptian Iron and Steel, Khaled El Feky \u2014 a board member at Egyptian Iron and Steel parent company the Metallurgical Industries Holding Company (MIHC) \u2014 told us, confirming statements attributed to Public Enterprises Minister Hisham Tawfik by Al Mal<\/a> this morning. The offer is due to be reviewed today, and might be discussed by Egyptian Iron and Steel\u2019s board of directors as early as tomorrow, El Feky said. Egyptian Iron and Steel, which is currently undergoing liquidation<\/a>, said last week<\/a> it received a bid from a Ukrainian company looking to revamp its facilities under a revenue sharing partnership instead of pushing ahead with a liquidation plan.<\/p>\n

With Vazhmash\u2019s offer on the table, there\u2019s hope the company could make a comeback. <\/strong>The perennial lossmaker officially halted operations in late May<\/a> and appointed accountant and former liquidation advisor for MIHC Mostafa Hassan to oversee a liquidation process that is expected to take up to two years. It spinned off its mining operations<\/a> in tandem with selling its steel plant in Helwan, and will need to look into ways<\/a> to sell off 6 mn sqm of land assets to be able to pay off its EGP 9 bn in outstanding debts if it decides to go ahead with liquidation.<\/p>\n

IN OTHER PUBLIC ENTERPRISES NEWS- <\/strong><\/p>\n

<\/a> OC to build seven new factories for state-run textiles companies in EGP 2.6 bn plan: <\/strong>Orascom Construction (OC) was tapped to build seven new factories for state-owned Misr For Spinning and Weaving and Damietta Spinning and Weaving at a cost of EPG 2.6 bn under a contract signed with the Public Enterprises Ministry\u2019s Cotton and Textile Industries Holding Company, the ministry said in a statement<\/a> today. The new facilities come as part of the government\u2019s bid to streamline state-owned spinning and weaving companies<\/a> by merging companies, selling assets, and purchasing new machinery and equipment. The EGP 21 bn plan could see the yearly output of state ginning factories more than doubled to 4 mn qintars and spinning mills and textile plants more than quadrupled to 188k and 199k cubic meters.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ukraine\u2019s Vazhmash is serious about saving Egyptian Iron and Steel: Ukraine-based industrial player Vazhmash has fielded a \u201cserious\u201d offer to step in and revive defunct state-owned Egyptian Iron and Steel, Khaled El Feky \u2014 a board member at Egyptian Iron and Steel parent company the Metallurgical Industries Holding Company (MIHC) \u2014 told us, confirming statements […]<\/p>\n","protected":false},"author":1,"featured_media":566579,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10168],"tags":[144,1961,93,633,153,334,7111,2201,4253,368],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-566578","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round-public-enterprises","tag-automotive","tag-egyptian-iron-and-steel","tag-energy","tag-enterprisepm","tag-hisham-tawfik","tag-infinity","tag-infrastructure","tag-national-service-products-organization","tag-speed-round-public-enterprises","tag-sustainability","wpautop","entry"],"acf":{"mongo_id":"5be47e70-3b6f-4ea0-af65-3c9fc23deb9b","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/6\/603.jpg","photo_position":"above","related_issue":[566572],"teaser":"","voice_url":""},"yoast_head":"\nA last-ditch effort to save Egyptian Iron and Steel? 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Tawfik\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":566125,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/30\/iron-and-steel-mining-spinoff-begins-trading-on-the-egx\/","url_meta":{"origin":566578,"position":1},"title":"Iron and Steel mining spinoff begins trading on the EGX","author":"enterpriseam admin","date":"30 May 2021","format":false,"excerpt":"Shares of state-owned Egyptian Iron and Steel\u2019s mining spinoff started trading this morning, the exchange said. The spinout, inventively named Iron and Steel Mines and Quarries, listed c. 978 mn shares after it received the all-clear from the EGX\u2019s securities registration committee last week. Its shares are now trading separately\u2026","rel":"","context":"In "SPEED ROUND: CAPITAL MARKETS"","block_context":{"text":"SPEED ROUND: CAPITAL MARKETS","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":559490,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/24\/plan-to-overhaul-state-owned-enterprises-hits-the-house\/","url_meta":{"origin":566578,"position":2},"title":"Plan to overhaul state-owned enterprises hits the House","author":"enterpriseam admin","date":"24 January 2021","format":false,"excerpt":"Tawfik outlines SOE overhaul plan for parliament: The Public Enterprises Ministry is looking to streamline state-owned spinning and weaving companies by merging nine companies into one mega-entity with seven ginning facilities under its purview, Minister Hisham Tawfik said in his address to the House of Representatives last week, according to\u2026","rel":"","context":"In "PUBLIC SECTOR"","block_context":{"text":"PUBLIC SECTOR","link":"https:\/\/enterpriseam.com\/egypt\/category\/public-sector\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/1\/286.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559249,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/14\/egyptian-iron-and-steels-new-mining-company-to-begin-trading-on-egx-in-2-months\/","url_meta":{"origin":566578,"position":3},"title":"Egyptian Iron and Steel\u2019s new mining company to begin trading on EGX in 2 months","author":"enterpriseam admin","date":"14 January 2021","format":false,"excerpt":"State-owned Egyptian Iron and Steel is being liquidated in a process that will take up to two years, the company said in a disclosure (pdf) yesterday. The perennial lossmaker will have to sell off 6 mn sqm of its land assets to be able to pay off its EGP 9\u2026","rel":"","context":"In "DEMERGER WATCH"","block_context":{"text":"DEMERGER WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/demerger-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":600972,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/14\/egyptian-iron-and-steel-company-to-be-developed-under-ppp-agreements\/","url_meta":{"origin":566578,"position":4},"title":"Egyptian Iron and Steel Company to be developed under PPP agreements","author":"enterpriseam admin","date":"14 February 2019","format":false,"excerpt":"The Public Enterprises Ministry will be entering public-private partnerships to execute the proposed development plan for the Egyptian Iron and Steel Company, Minister Hisham Tawfik said during a meeting with Prime Minister Moustafa Madbouly yesterday, according to a Cabinet statement.","rel":"","context":"In "Other Business News of Note"","block_context":{"text":"Other Business News of Note","link":"https:\/\/enterpriseam.com\/egypt\/category\/other-business-news-of-note\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":562641,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/01\/egyptian-iron-and-steel-downs-tools-ahead-of-liquidation\/","url_meta":{"origin":566578,"position":5},"title":"Egyptian Iron and Steel downs tools ahead of liquidation","author":"enterpriseam admin","date":"1 June 2021","format":false,"excerpt":"State-owned Egyptian Iron and Steel officially stopped operations yesterday as a prelude to its liquidation, Masrawy reports, quoting an unnamed source in the Public Enterprises Ministry. Work will be halted until a settlement agreement is reached on compensation with the company\u2019s employees, the source added.The latest on the liquidation process:\u2026","rel":"","context":"In "DEMERGER WATCH"","block_context":{"text":"DEMERGER WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/demerger-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/27.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/566578","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=566578"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/566578\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/566572"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/566579"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=566578"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=566578"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=566578"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=566578"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=566578"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}