Established in 1954, Egyptian Iron and Steel Company was one of Egypt’s largest state-owned steel producers and a cornerstone of the country’s heavy industry sector. In 2021, the Egyptian government approved its liquidation and the division of its mining assets into a separate entity after the company accumulated losses exceeding $500 million as of June 2020. The company’s shares are still listed and traded on the Egyptian Exchange (EGX), while the liquidation process has been extended until January 2027. Its market capitalisation fell 35% over the last 12 months.