Egypt's largest steelmaker Ezz Steel has announced its financial results for 2016, reporting a net profit of EGP 162 million ($8.95 million), compared to a net loss of EGP 418 million in the previous year. The company's sales revenues in 2016 amounted to EGP 23.18 billion ($1.28 billion), rising 39 percent year on year.
Ezz Steel stated that during 2016 local and global steel prices started to recover. In the local market, long steel prices were up 22 percent, with flat steel prices increasing by 17 percent, while both long and flat export prices increased by 34 percent, all year on year.
In the given year, Ezz Steel's consolidated sales, in terms of volume, totaled 4.4 million mt, rising by 15 percent year on year. In the period in question, Ezz Steel's long steel production volume amounted to 3.3 million mt, up three percent, while its flat steel production volume increased by 48 percent to 944,000 mt, both year on year.