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.