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Egypt's Ezz steel reports EGP 418 mln in net losses in 2015

Ahram Online , Thursday 31 Mar 2016
Workers are seen near steel bars at a factory belonging to Ezz Steel (Photo: Reuters)
Workers are seen near steel bars at a factory belonging to Ezz Steel (Photo: Reuters)
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Egypt's leading steel manufacturer, Ezz steel, reported net losses of EGP 418 million in 2015 compared to EGP 697 million in 2014, according to a statement released by the company on Thursday.

Net sales dropped to EGP 16.64 billion in 2015, down from EGP 19.4 billion in 2014.

The company attributed in the statement the losses to a struggling global commodities market and foreign currency crisis in Egypt.

"We expect short-term performance to remain as challenging as it has been for the past two years,” said Paul Chekaiban, chairman and managing director of Ezz Steel, in the statement, despite expecting longer-term improvements.

 

 

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