El Marakby Steel: sales fall 40% on Egyptian pound float move

The sales volume of Egypt-based steel maker El Marakby for Steel Group declined by 40 percent following government’s decision to float the Egyptian pound, Chairman Hassan El-Marakby stated Thursday.

Speaking to Amwal Al Ghad, the chairman said that steel prices increased from 8.88 pounds to 19 pounds due to the hike in dollar prices.

The official expected steel prices to soar again within the upcoming period, adding that the group provides steel for consumers at the prices of 9,750 pounds per ton.

Impacts of floating Egyptian pound against the dollar would clearly appear in the first quarter of 2017, El-Marakby noted, clarifying that this decision would negatively affect production rates, sales volume, and lead to a drop in consumption rates.