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The Minister of the Business Sector reveals the details and reasons for closing the Iron and Steel Company

The Minister of the Business Sector reveals the details and reasons for closing the Iron and Steel Company 

Hisham Tawfiq, Minister of Public Business Sector, said that at the beginning of 2019, when I took over the ministry, I found a modernization tender for the Iron and Steel Company. The conditions for it were set in 2017 and the former Minister of Business suspended them and requested the updating of the study on this tender.

The Minister of the Business Sector reveals the details and reasons for closing the Iron and Steel Company


Hisham Tawfiq added during a telephone interview in the 90-minute program broadcast on the Al-Mehwar channel: After that, we brought in the global consultant who conducted this study in 2015 and asked him to update it and he told us that the damages that resulted from the operation due to the lack of efficient management led to the defect in Iron and Steel Company furnaces.


Hisham Tawfiq explained that when the consultant asked him to update, he asked us to operate the furnaces for a period of 3 consecutive months, stressing that the administration of the Iron and Steel Company was unable to operate the furnaces for 15 consecutive days, and the decision came not to complete this project.


He continued, "We did not announce the liquidation of the iron and steel factory until after the workers' compensation was settled.

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