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Reuters
Workers at the Egyptian aluminum plant took part in a sit-in, protesting the non-payment of annual contributions on profits for the last fiscal year and threatening to go on strike.
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A company statement said that, “despite the disbursement of these bonuses, the workers staged a sit-in inside the company and shut down production, and in the event that the production lines were still shut down , this would lead to continued losses and the inability of the business to pay any subsidies or bonuses to workers, and the deal may ultimately fail. The ability of the business to provide monthly wages, as well than to fulfill its obligations.
The chairman of the company explained that the Egyptian aluminum company of Naga Hammadi is one of the largest companies in the holding company’s portfolio, with a capital of £ 1.6 billion, and which the company has won. many successes, as it is one of the most profitable public enterprises in the public sector, as well as one of the largest companies in terms of exports.
He pointed out that the causes of the losses were due to the collapse of aluminum and metal prices in global mineral markets and trade, which resulted in the company’s revenue falling by $ 2.4 billion. pounds compared to the previous year.
Source: Masrawy
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