Egypt’s Ezz Steel strikes $71 million net loss in Jan-Sept

Egypt’s largest steel producer Ezz Steel hit a net loss of LE559.1 million ($71.4 million) during the first nine months in 2015, the Egyptian Bourse stated on Tuesday.

The company saw a net loss of LE205.4 million ($26.2 million) in the same period last year.

Last month the chairman of Ezz Steel, Paul Chekaiban, attributed losses in the first half of the current year to the severe shortage of foreign currency, which has prevented the company from ensuring the feedstock for its factories.

With a total actual capacity of 5.8 million tonnes of finished steel per annum, Ezz Steel is the Egyptian market leader in terms of sales.

source: Ahram Online