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FINANCIAL NEWS
Ezz Steel logs USD18.5m net loss in Q1
20 May 2016
(MENAFN) Ezz Steel has reported a net loss of USD18.5 million in the first quarter, compared to a far less USD2.5 million in last year’s January-March period.
Accordingly, the top steel producer has registered a total loss of USD106.4 million in 2014, after recording a total of USD67.2 million in net profits in 2013.
The company’s suffering is mainly attributed to the illegal conducts of its former chairman, who has been standing trial for two separate cases over three years since Egypt’s revolution.
Steel production in Egypt is expected to witness a shift after authority’s recent decision to prepare tools and regulations for issuing operating licenses in the steel and cement industry.
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