The left-wing party condemns the liquidation of state-owned companies

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On Tuesday, the Egyptian Democratic Party issued a statement condemning the government’s decision to liquidate the Al-Nasr for Coke and Chemicals. The party said that the newly appointed Minister of the Business Sector, Mahmoud Esmat, started his work with the decision to liquidate the company. However, he had promised to review the company’s financial conditions, especially as it achieved profits of 114 million pounds. The party added that the liquidation decision would negatively affect other industries, noting that the company produces nitrate 33 used in Factory 18 for Military Production, according to a contract signed between the company and the factory, which amounts to 100 million pounds.

Also, the Al-Nasr for Coke and Chemicals produces between 5,000 and 6,000 tons per month of dilute nitric acid and ammonia solutions, which are involved in dozens of industries. It also converts fine coal into coke, used as a production input in several industries, including sugar, manganese, metal castings and steel.

The company’s general assembly decided last Monday to liquidate the company after nearly 62 years of its establishment. Esmat issued a statement instructing the Holding Company for Metallurgical Industries to pay compensation to the workers. Al-Nasr for Coke and Chemicals is the fourth state-owned company to be liquidated since 2018.