Egypt's largest steelmaker Ezz Steel has announced its financial results for the first nine months of 2013, reporting a net profit of EGP 218 million ($31.3 million), compared to a net loss of EGP 46 million in the corresponding period of the previous year. The company's sales revenues in the given period amounted to EGP 15.9 billion ($2.3 billion), increasing by eight percent year on year, due to stronger prices for both long and flat in the domestic market, as well as higher realized selling prices for flat steel internationally.
According to Ezz Steel's statement, in the first nine months of 2013, long product prices increased by eight percent year on year in the local market, while export prices were slightly weaker. On the other hand, in the period in question flat product prices increased by four percent year on year in the local market, while export prices increased by six percent.
During the first nine months, Ezz Steel's sales, in terms of volume, reached 3.55 million mt, rising one percent compared to the same period of the previous year. In the given period, Ezz Steel's long steel production volume amounted to 2.82 million mt, up one percent year on year, while its flat steel production volume increased by four percent year on year to 728,000 mt.
According to Ezz Steel, the Egyptian market continues to see sustained demand for long and flat products. In November, the Egyptian government announced a new economic stimulus package which will increase spending on infrastructure projects. Therefore Ezz Steel expects the Egyptian steel market to remain quite robust in 2014.