Ezz Steel Raises Prices For The Fifth Time In 4 Months

Ezz Steel (ESRS.CA) raised the price of steel Sunday to EGP 5,050 per ton from EGP 4,960 as a result of the dollar’s rise against the Egyptian pound, a company official said.

The increase is the fifth of its kind since the Ministry of Industry and Trade This recent increase is the fifth of its kind in a row, since the decision of the Industry and Trade Ministry to impose a 6.8 percent per ton as protection fees on imported iron last December, bringing the total increases to about EGP 1,000.

The company, which controls alone 50 percent of the domestic production, would increase prices to consumers to between EGP 5,150 and EGP 5,300 with its latest price hike.

Al-Masry Al-Youm