Ezz Steel sees earnings increase 6% in Jan-Sep

Earnings at Egyptian steelmaker Ezz Steel increased by 6% year-on-year in the first nine months of 2015, the company said on Wednesday December 30.

Egypt’s biggest steel producer reported earnings before interest, taxes, depreciation and amortisation (Ebitda) for the first three quarters of E£533 million ($67.86 million), compared with E£504 million ($64.17 million) in the corresponding period of 2014. “Despite the dramatic effects of the severe shortage in foreign currency and the erratic availability of energy in Egypt during the third quarter of 2015, Ezz Steel was able to implement a number of mitigating measures which allowed us to slightly increase our gross margins,” chairman and md Paul Chekaiban said in a statement. “Though no improvement in the global steel sector...


Serife Durmus

December 30, 2015

20:14 GMT