Egypt's Ezz Steel net profit down 53% in 2012

Net profit at Ezz Steel, Egypt’s biggest steelmaker, fell by 53.3% in 2012 amid a slowdown in the country’s economy and continuing weakness in the global steel markets, the company said on Thursday May 2.

The fall saw the company’s profit for 2012 decline to E£250.4 million ($36 million) from E£536.3 million ($77.13 million) in 2011.
The company performed well in 2012, according to chairman and md Paul Chekaiban, despite the domestic slowdown and the global situation.
“During 2012, Ezz Steel recorded another year of resilient performance, achieving record volumes in terms of both production and sales,” Chekaiban said.

“This outstanding operational performance enabled us to remain earnings-positive during...


Aamir Ashraf

May 02, 2013

15:41 GMT