Egypt's largest steelmaker Ezz Steel Co. has announced its financial results for the first nine months of 2011, reporting a 26 percent decrease in its net profit.
In the January-September period of last year, Ezz Steel's net profit was EGP 179 million ($29.6 million) compared to EGP 242 million in the corresponding period of the previous year.
In the given period, net sales increased by 22 percent year on year to EGP 14.16 billion ($2.34 billion). Ezz Steel stated that, in terms of volume, its sales increased by four percent compared to the first nine months of 2010.
According to Ezz Steel's statement, long steel production volumes reached 2.60 million mt in January-September 2011, up two percent year on year. Meanwhile, its flat steel production volume decreased by 31 percent year on year to 790,000 mt due to the suspension of production at Al Ezz Flat Steel (EFS).
Ezz Steel stated that, with the new long product rolling mill commissioned at EFS, they will be able to provide output that is tailored to demand and proceed with vertical integration plans.