Ezz Steel sees significant growth in net profit for 2013

Egypt's largest steelmaker Ezz Steel has announced its financial results for 2013, reporting a net profit of EGP 134 million ($18.8 million), significantly increasing compared to EGP 8 million in the previous year. The company's sales revenues in the given period amounted to EGP 21.3 billion ($3 billion), increasing by eight percent year on year, due to stronger prices for both long and flat products in the domestic market, with long product prices up 10 percent and flat product prices rising by six percent, both year on year.
 
In 2013, Ezz Steel's sales, in terms of volume, totaled 4.74 million mt, remaining almost unchanged year on year. In the given period, Ezz Steel's long steel production volume amounted to 3.74 million mt, falling four percent, while its flat steel production volume increased by 12 percent to 999,000 mt, both year on year.
 
According to Ezz Steel, the gradual return of political stability in Egypt, the sustained demand for steel products in the local housing sector, the increase of spending on infrastructure projects announced by the Egyptian government, and the constant progress in the construction of the company's DRI plant are all factors which will positively contribute to its improved performance going forward.