Iran calls Obama's 10-year nuclear demand 'unacceptable'    Rival Libyan forces carry out tit-for-tat airstrikes    Egypt delays target for repaying firms $3.1 bln until mid-2016    Egypt's Pharmacists Syndicate under judicial supervision for third time    Dave Whelan resigns as chairman of English club Wigan    Judge orders closed session in Morsi's Qatar spying trial    Former Tottenham captain and Zamalek coach Dave Mackay dies at 80    Ahly's Gedo ready for African Champions League opener    Ebola Outbreak: IMF to Give Sierra Leone $80m Immediately    Regular Coffee Drinkers Have 'Cleaner' Arteries    Egypt appoint Hector Cuper as New Coach    Lebanese soldier, militant killed in shootout in north: Sources    Brent crude up $1 to over $60.50 as Global Markets Firm    Exclusive: Nemtsov Killing Sign of Worsening Climate in Russia - Obama    Egypt says foreign investment to double, promises more incentives    The Egyptian parliament: Always on edge    60 Countries To Take Part In Sharm El-Sheikh Economic Conference: Egypt FM    Car sales grow 17% year-on-year in January    Egypt's prosecution orders release of 120 detainees pending trial    Cairo hit by two blasts overnight, no casualties    Parliament Poll Delay won't hamper Egypt Economic Summit's Goals    250 Egyptians Fleeing Libya Via Algeria Arrive In Cairo    Cairo Stadium orders suspension of Drive Championship's 2nd round    Photojournalist facing trial on terrorism charges    Al-Sisi meets Russian Security Council secretary    CORRECTION: 11 injured, no deaths in High Court explosion    Gulf markets sluggish, EFG Hermes leads Egypt rebound    Court orders retrial for Qatar, Turkey terrorism cases    12 minors acquitted of charges among 25 January anniversary detainees    Germany lifts South Sinai travel warning    80 hotels, Egyptian tourism agencies participate in ITB Berlin exhibition: Hotels Chamber Chairman    Court to decide on appeals against postponement of Press Syndicate elections    Belly dancer Sofinar arrested over 'insulting Egyptian flag'    Minor clashes between students, security at Al-Azhar University in Assiut    Egypt's Edita to list 30 pct of ordinary shares in secondary offering    Egypt ministers head to Sudan for Ethiopia dam meetings    Egyptian lawyers protest alleged police killing of colleague    Call for participants to join public art workshop    Egyptian artist's project to open photography festival in Dubai    World's biggest private Harry Potter collection on display    Naguib Sawiris plans to buy majority stake in Euronews    For The First Time-Robin Williams' Daughter Reflects On Her Father's Death    U.N. condemns Islamic State's 'Barbaric Terrorist Acts' in Iraq    Chris Bush to miss Miami Heights till end of season    Africa Cup of Nations: Egypt Confirms 2017 Bid Withdrawal    ‘Birdman' wins Four Oscars, including Best Picture    In Pictures: Egyptians ask for intercession on Mulid Al-Hussein    Antiquities ministry requests EGP 488m to continue projects: Cabinet spokesman    







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




Your friends recommend

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.