Ezz Steel earnings for Q1 up 190% on strong local demand

Egypt’s biggest steel producer, Ezz Steel, enjoyed strong local demand and recorded a 190% increase in consolidated earnings before interest, taxes, depreciation and amortization (Ebitda) in the first quarter of 2018, the company said on Tuesday June 5.

The company was helped in this by Egypt imposing anti-dumping duties on rebar imports from China, Turkey and Ukraine for a period of five years with effect from December 2017.
“During the first quarter of 2018, Ezz Steel achieved the long overdue final step toward recovery,” chairman and managing director Paul Chekaiban said.

“We managed to increase the volume of our production and of our sales, and we improved our average selling price, which translated into a substantial increment in our global turnover. [And] we finally...

Published

Serife Durmus

June 06, 2018

16:55 GMT

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