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FinancialNews


  • 10-06-10

    Ezz Steel sees higher steel demand in Egypt

    (MENAFN) Ezz Steel, Egypt's top steel producer, said that Egyptian demand for reinforcing steel bars would grow to 7.4 million tons in 2010 from 7.2 million last year, fuelled by the need for housing, Reuters reported. Marketing director George Matta also said a slowdown in Europe on the back of the euro zone debt crisis would be countered by growing demand from Middle East and US markets. Rebars, used in the construction industry, represented three quarters of Ezz Steel's sales in the first quarter, with flat steel accounting for most of the rest. Ezz Steel earlier this month posted a 78 percent year-on-year jump in first-quarter net profit to $19 million as strong domestic demand and a recovery in global flat steel prices boosted margins. Asked about a report late last month that the Algerian authorities would freeze Ezz Steel's planned $750 million investment in Algeria, he said the company had still not received any notification.

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