Egypt's largest steelmaker Ezz Steel has announced its financial results for the first half of 2015, reporting a net loss of EGP 337 million ($43.19 million), compared to a net loss of EGP 176 million in the first half of 2014. The company's sales revenues in the given period amounted to EGP 9.25 billion ($1.18 billion), falling 10 percent year on year. Long steel prices were down three percent, with flat steel prices declining by five percent, both on year-on-year basis.
In the first half, Ezz Steel's sales, in terms of volume, totaled 2.11 million mt, declining by six percent year on year. In the given period, Ezz Steel's long steel production volume amounted to 1.73 million mt, falling three percent, while its flat steel production volume decreased by 19 percent to 390.901 mt, both year on year.
Ezz Steel stated that, with the start of production of its new direct reduction plant in Suez during the last quarter of the year, it is continuing to implement the strategic industrial vision that has been the key for its success over the past 20 years. This will make a significant contribution to the company’s future performance.