Public Business Sector: No Intention to Shut Down More Factories

The Ministry of Public Business Sector stated that the ministry has shut down 3 factories only out of a total of 120, adding there is no intention to close other ones.

This came during the ministry's participation on Sunday in the symposium of the Egyptian Center For Economic Studies (ECES).

The ministry added that the state’s approach is to lay down a clear vision for developing state factories, which is evident in the case of the textile company; it lost around EGP 3.25 billion, yet, there was no intention to close it, as there is a clear plan to develop the company in the coming period.

The ministry added there are other companies affiliated to the ministry that work in the steel industry and have not been shut down, such as the Delta Steel Factory, which the state is currently working on developing it with a new production line with a capacity of 250 thousand tons, and another line in the next phase.

He explained earlier this week, during his statement before the House of Representatives, that the Delta Steel Company, one of the oldest companies in the Arab world, has been developed and increased its productivity to 500 thousand tons.

“After the company was producing 46 thousand tons of equipment going to the railways and the subway, it produces 500 thousand tons,” Tawfik added, pointing out that the company was losing from EGP 60 to 90 million, and the condition of the workers was very sorrowful.