Going for a steel? Ezz hikes product prices (Photo: Reuters)
Ezz Steel said it raised its steel rebar price by 4.3 per cent to $788.1 per tonne (LE4,650) in June on the back of global rises and the hike in imported input prices of aluminium billet.
The leading market producer said that price would range between LE4,800 and LE4,850 for consumers.
The billet world price attained $665 per ton in May against $625 in April, a rise of 6.01 per cent. Imported scrap also soared 1.6 per cent to $432 per ton in May, according to a monthly report from the Metallurgical Industries Chamber.
Ahmed Adel Sattar, a steel trader, told Ahram Online that the current price of Ezz steel produce for consumers exceeds $847.4 per tonne (LE5,000) after a surge in demand over the last 10 days.
Ezz Dekheila Steel said its unaudited 2010 net profit was unchanged from the previous year at LE724 million ($122 million).
Ezz Steel, Egypt's largest steel producer holds a 55 per cent stake in Ezz Dekheila.
Founder and magnate Ahmed Ezz is facing charges of illegal profiteering and the misuse of public funds, along with dozens of businessmen and officials considered to be close to the ousted regime. He is said to represent the marriage of wealth, party politics and undue power that was uncharacterstic among elite sections of society during Mubarak's reign.
Ezz, who was also secretary for organisational affairs in the now dismantled National Democratic Party (NDP), was excluded from his position as chairman of Ezz Dekheila steel company on 16 May 2011.
With a total actual capacity of 5.8 million tonnes of finished steel per annum in 2009, Al Ezz Steel is the Egyptian market leader in terms of sales.
Samir Al-Sayyad, Minister of Industry and Foreign Trade, approved on 31 May an advisory committee's recommendation to shelf an investigation into damaging imports of rebar from Turkey due to the absence of sufficient evidence that they harmed the domestic industry. The complaint was filed to the Anti-Dumping Authority by Egypt's Metallurgical Industries Chamber on behalf of six Egyptian rebar producers in August 2010.
The volume of Turkish rebars and steel imported to Egypt between January and July 2010 declined to LE9.1bn, compared with LE11.3bn during the same period in 2009, according to the latest data from the Turkish Authority of Statistics.