Cairo - Mubasher: Egyptian Iron and Steel (HADISOLB) said its board of directors gave a nod to continue in selling the company's products at below-cost price.
The firm will stop implementing this decision upon the recovery of the products prices.
The company attributed the resumption of this decision to its deteriorating financial and economic conditions, the instability of the steel local market, and the decline of the steel prices worldwide, in addition to its need for liquidity to meet its financial obligations, especially after the rise of the power prices.
Earlier, HADISOLB's board addressed the government to protect the steel's national industry.
The protection measures include limiting the exports of the steel and iron products, as well as providing the company with gas supplies at the price of $4/MMBtu.
