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Egypt's Iron and Steel Co seeking loan to meet workers' demands

Publicly owned firm organising loan to pay striking workers' profit share due in November

Ahram Online, Thursday 28 Nov 2013
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(Photo: Reuters)
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The state-owned Iron and Steel Co (HADISOLB) is in talks with its holding company to borrow LE300 million to meet its workers' financial demands, Al-Ahram Arabic news website reported.

Thousands of workers started a sit-in at its factory in Helwan, south Cairo on Tuesday demanding their profit share.

The company's general assembly allocated 16 months profit share (reportedly worth LE194 million) to their 11,969 workers, which they were expecting to receive in November.

Company losses jumped from LE311.5 million ($44 million) in 2012 to LE676 million ($95 million) this year.

HADISOLB is known for being the site of one of the most infamous instances of industrial action of the Mubarak-era. In 1989 security forces broke into the factory and attacked workers, leaving one dead, many injured and tens detained.

 

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