Egypt's largest steelmaker Ezz Steel Co. has announced its financial results for 2011, reporting a 20 percent decrease in its net profit.
In 2011, Ezz Steel's net profit was EGP 202 million ($33.46 million) compared to EGP 252 million in the previous year.
In the given year, net sales increased by 12 percent year on year to EGP 18.61 billion ($3.08 billion). Ezz Steel stated that, in terms of volume, its sales in 2011 stayed at 4.7 million mt, unchanged from 2010 levels.
According to Ezz Steel's statement, long steel production volumes reached 3.57 million mt in 2011, up five percent year on year, while its flat steel production volume decreased by 32 percent year on year to 1 million mt. Meanwhile, Ezz Steel produced 3.26 million mt of billets, up from 2.97 million mt in 2010. During 2011, Al Ezz Flat Steel (EFS) suspended its flat steel production to focus on long steel within the scope of commissioning process for its new facilities.