Egypt's Iron and Steel Company workers in the country's Helwan city organised a protest on Sunday at the company's headquarters, against a recent decision to liquidate the state-owned organisation.
The protestors called on the government to intervene to stop the liquidation move, which they told Youm7 would displace some 8,000 employees. They also demanded the state to: "Inject funds into the company's development."
According to the local website, the workers called on the Egyptian government to "modernise the company and preserve its assets," which were estimated at 120 billion Egyptian pounds ($7.6 billion).
In recent days, the extraordinary general assembly chaired by President of the Holding Company for Mineral and Mining Industries in Egypt Mohamed El-Saadawi decided to divide the company into the Iron and Steel Company and the Company of Mines and Quarries, which was earlier reported to be partnering with the private sector.
The assembly has attributed the reason behind the liquidation to the: "High losses and the company's inability to continue its production operations."
Local sources confirmed that the management would: "Soon hold discussions with the workers on compensations."
Member of the executive board of the Holding Company for Metal Industries Khaled Al-Feki told Egypt Independent that the decision would: "Destroy one of the largest industrial institutes in the Middle East, which has proudly developed many of Egypt's national projects including the High Dam and succeeded at establishing new iron and steel companies in various other Arab nations such as Algeria and Saudi Arabia."
He added that the company was providing Egyptian hospitals with oxygen cylinders to confront the coronavirus.