The Egyptian Metal Construction Company, “Metalco”, the oldest metals company in Egypt and the Middle East, has announced its liquidation after years of financial and administrative decline that ultimately led to accumulated losses and eroded capital.

The primary reason for the company’s deteriorating situation was continuous administrative neglect over the years, resulting in uncalculated decisions and ignoring proposed solutions to save the company.

The losses accumulated significantly in recent years, leading to capital erosion and increased debts, while the company’s management failed to devise clear strategic plans to save and improve its performance.

The liquidation decision will result in many workers losing their jobs, which could negatively impact the Egyptian economy, particularly in the metallurgical industry sector. Metalco is considered a symbol of Egyptian industry, and its collapse represents a severe blow to the national industry.