Strong prices boost 2018 earnings by 23%, Ezz Steel says

Egypt’s use of selective anti-dumping duties helped the country’s biggest steelmaker, Ezz Steel, to report a 23% increase in earnings in 2018, the company said last week.

Ezz Steel enjoyed strong demand for long and flat steel products in both the domestic and export markets, it said. This enabled it to show consolidated earnings before interest, taxes, depreciation and amortization (Ebitda) of E£5.44 billion ($317.53 million) for 2018, compared with E£4.42 billion for 2017. But the company’s net earnings, after tax and minority interests, showed a loss of E£1.64 billion in 2018. This compared with a loss of E£1.58 billion in 2017. In December 2017, Egypt imposed anti-dumping duties on rebar imports from China, Turkey and Ukraine for a period of five years. This boosted local demand and lent support to domestic prices. The country has also now imposed a temporary additional duty on...

Published

Serife Durmus

May 14, 2019

20:52 GMT

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