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Egypt's leading steel producer doubles losses year-on-year in H1/2015

Ahram Online , Friday 6 Nov 2015
Ezz Steel
An engineer watches during the pouring of molten iron into a container at a factory belonging to Ezz Steel, April 17, 2013 (Reuters)

Egypt's largest steel producer Ezz Steel almost doubled its net loss during the first half of 2015, recording LE337 million (roughly $42 million) comparing to the same period last year, with the management attributing the causes to the falling prices in the steel sector globally, the company said in a statement on Thursday.

Paul Chekaiban, chairman and managing director of Ezz Steel, said in the statement that the net loss was a result of “the erratic availability of utilities in our plants, which disturbed our industrial processes and decreased our output, [and the] the severe shortage of foreign currency, which has prevented us from ensuring the feedstock for our factories."

Net sales also plunged 10 percent year-on-year from January to June 2015, recording LE9.3 billion (roughly 1.2 billion), which was "principally due to constant disruption of utilities and lack of natural gas," the company said on its website. 

With a total actual capacity of 5.8 million tonnes of finished steel per annum, Ezz Steel is the Egyptian market leader in terms of sales. 

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