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FINANCIAL NEWS
Egypt’s IRON logs 16.6 percent fall in gross loss over Q1
23 Nov 2015
(MENAFN) Egyptian Iron and Steel Company (IRON) posted a 16.6 percent drop in net loss y-o-y to USD13 million over the first quarter of its fiscal year 2015-16, down from last year’s USD15.6 million, based on recent reports.
Overall sales declined over the cited period to USD34 million as opposed to USD51 million throughout the corresponding timeframe of 2014 mainly driven by lack in supplies of coal needed for production, plus the global economic turmoil.
Additionally, Steel prices surged recently after a period of stability that lasted little over eight months, which was mainly attributed to market recession and instability during this period, according to the compiled data.
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