Egypt's largest steelmaker Ezz Steel has announced its financial results for the first half of the current year, reporting a net loss of EGP 376 million ($42.34 million), compared to a net loss of EGP 337 million in the first half of 2015. The company's sales revenues in the given period amounted to EGP 9 billion ($1.01 billion), falling three percent year on year. In the same period, in the local market long steel prices were up three percent, with local flat steel prices declining by nine percent, both on year-on-year basis.
In the first half, Ezz Steel's sales, in terms of volume, totaled 2.04 million mt, declining by three percent year on year. In the given period, Ezz Steel's long steel production volume amounted to 1.63 million mt, remaining stable, while its flat steel production volume decreased by six percent to 361,000 mt, both year on year.
“Continuing the trend we have seen in the first quarter of 2016, international steel markets remained weak during the second quarter and this, combined with the erratic volatility of the Egyptian financial environment, has led to us recording a loss during the period,” stated Paul Chekaiban, chairman and managing director of Ezz Steel.