Egypt’s Ezz Steel narrows Q2 losses by 97%

Egypt’s largest steel producer Ezz Steel reported Monday that its second-quarter losses had narrowed 97 percent from a year ago, to reach 10.07 million Egyptian pounds ($571,834).

Earlier, losses stood at 381.9 million pounds in the second quarter of 2016.

Sales jumped by 199.6 percent to 8.09 billion pounds, compared with 2.7 billion pounds last year.

During the first quarter of 2017, losses dropped to 87.9 million pounds from 555.6 million pounds during the same period in 2016.