El Marakby Steel eyes sales of $62mn by late-2016

Egyptian steel maker El Marakby for Steel Group plans to raise its sales volume by 30 percent to hit 1.2 billion Egyptian pounds (US$61.8 million) during 2016, Chairman Hassan El-Marakby stated.

Speaking to Amwal Al Ghad Tuesday, El-Marakby added that the group manufactured 240,000 tonnes of rebar and 180,000 tonnes of billet during 2016.

He clarified that sales of El-Marakby Group declined by 40 percent following government’s decision to float the Egyptian pound, expecting steel prices to soar again within the upcoming period.