Egypt's largest steelmaker Ezz Steel has announced its financial results for the first nine months of the current year, reporting a net loss of EGP 564 million ($30.24 million), compared to a net loss of EGP 509 million in the same period of 2015. The company's sales revenues in the given period amounted to EGP 14.92 billion ($800.16 million), rising 17 percent year on year. In the same period, in the local market long steel prices were up nine percent, with local flat steel prices declining by two percent, both on year-on-year basis.
In the first nine months this year, Ezz Steel's sales, in terms of volume, totaled 3.2 million mt, increasing by 10 percent year on year. In the same period, Ezz Steel's long steel production volume amounted to 2.53 million mt, up six percent, while its flat steel production volume increased by 17 percent to 615,000 mt, both year on year.
The company stated that the free float of the Egyptian currency, the increases in international steel prices and the improvement of operating margins are expected to trigger a sustained turnaround of the company’s performance in the coming periods.