500 tourists visit Saint Catherine over past 24 hours    Egypt signs 4 agreements with French Development Agency    Italy calls for 'greater US involvement' in Libya    Thomas Cook: Tourists starting to return to Egypt    Report documents ISIS 'expansion' in Africa    ISIS still active in southern Sirte, Libya    Al-Bawaba hounours mothers of Egypt    Egyptian belly-dancer turns ‘religious preacher' next Ramadan    Just in: Israel urges citizens to leave Egypt's Sinai, citing IS threat    The Egyptian Stock Exchange gains LE3.1bn    Egyptian soldier shot dead, 8 terrorists killed in separate incidents in Sinai    EETC postpones tenders for transformer substations    Investment ministry's role is to remove obstacles for investors: Nasr    Leading figure of ‘Sinai Province' killed by second field army    Formula One: Vettel stuns Hamilton to win season-opening Australian Grand Prix    Pulisic performance leaves USA drooling    Banned from travelling to receive award, Nazra's director granted Alternative Nobel Prize    Security forces arrest 19 Muslim Brotherhood terrorists    Militants in Al-Arish blow up Al-Azhar educational building    EGP 16bn allocated to wheat purchase: minister    Egypt continues "Zayed 2" joint military exercise with UAE    Sameh Shoukry returns to Cairo after Washington's meetings against IS    Police arrests 13 alleged brotherhood members in Alexandria    European zoos take drastic steps to protect rhinos    Report: More dubious payments uncovered in German World Cup scandal    Press Syndicate leaders sentenced to suspended one-year term    Happy 70th birthday, Sir Elton    Earth Hour: Famous landmarks plunge into darkness - but why?    Rodin's lover, sculptor Camille Claudel, gets museum in Paris    Cairo Opera House hosts "Women from Egypt" Exhibition    "We Are Egyptian Armenians" screening in Cairo    Celebrations underway on Luxor Chosen Capital of Arab Culture 2017    Egypt wins 11 medals in Muay Thai amateur championship    Pictures: People in Upper Egypt mourned a deceased man with dance & drum music!    Messi visit delivers message to world on Egypt's stability - sports figures    Egyptian Mohamed Hamza wins bronze medal in Epee World Cup    تغريدة - ماذا قال نجوم الزمالك وأبرز رموزه بعد التتويج بالسوبر    حكاية خيسوس - القادم من ضواحي ساو باولو وفتن جوارديولا    Newsreel    New Year routine    Imminent cabinet reshuffle    Footballer furore    In quest of national consensus    ‘Protecting the weakest'    Briefs    IMF open to scrutiny    Art heist goes wrong    All the fun of the Book Fair    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





Egypt's Ezz Steel swings to Q1 profit
Country's largest steel producer reports LE18 million profits as construction market sees a post-uprising recovery
Published in Ahram Online on 13 - 09 - 2012

Egypt's largest steel producer, Ezz Steel, swung to a profit in the first quarter as prices rose and a buoyant housing construction market absorbed growing volumes of long steel, the company said on Thursday.
The results suggest the company has weathered a chaotic political and economic backdrop since the overthrow of President Hosni Mubarak in February 2011.
Its founder Ahmed Ezz was hit with corruption charges as prosecutors probed the dealings of figures closely associated with the ousted government.
Ezz was a top official in Mubarak's now disbanded political party. He quit the board of Ezz Steel and its subsidiary Ezz Dekheila last year to fight the charges against him. A court jailed him in September.
Net income was LE18 million, compared to a net loss of LE10 million in the year-earlier quarter, Ezz Steel said in a statement.
Turnover was up 18 per cent, it said, reflecting a 20 per cent increase in the volume of long steel sold and a 6 per cent increase in both long and flat steel prices, it said.
"Long product exports accounted for 2 per cent of total long sales, reflecting the continued strong domestic market demand for Ezz Steel's long products, mainly from private house building activity," the company said.
Ezz shares were up 4.4 per cent at 1000 GMT.
Reduced activity in the global flat steel market meant the company exported 47 per cent of its flat steel, the same as a year earlier, Ezz Steel added.
Chairman Paul Chekaiban said he expected the company to maintain a "strong operational performance" in 2012 after achieving record sales volumes in the first quarter.
With a predominantly young population crying out for affordable housing, construction of homes was less affected by the economic turmoil that followed the ousting of Mubarak.
Demand for high-end developments slumped but the building of cheaper homes, much of it in the informal sector, appears to have continued apace.


Clic here to read the story from its source.