Egypt’s largest steel producer, Ezz Steel, issued Wednesday financial results for the first quarter of the current year, recording LE5.5 billion in revenues, a seven percent rise compared to the same quarter of last year.
According to the company’s statement, Ezz Steel hit net profits after tax and minority interest worth LE202 million compared to LE18 million in the first quarter of 2012.
“Following two very difficult years in Egypt and in the global steel industry, the results of the first quarter in 2013 represent a turning point for Ezz Steel. Not only have all the operational indicators turned positive, but — more importantly — we have secured the financing for the restart of our investment plan,” Paul Chekaiban, chairman and managing director of Ezz Steel, was quoted in the statement as saying.
“Ezz Steel is back on track with the implementation of our strategic industrial vision, that has been the key for our success over the past 20 years,” Chekaiban added.
Ezz Steel — among the leading steel producers in the Middle East and North Africa region, with an annual capacity of 5.8 million tons — said its 2012 net profit fell by more than half from the previous year to LE250.4 million.