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Ezz to maintain rebars September selling price Despite falling profits, shell rebars are to remain at August prices, according to Ezz Steel, Egypt's largest producer
Ezz Steel, Egypt's largest steel producer, has maintained September rebar ex-factory selling prices at LE4800 ($800) after raising them in August by LE150. Global prices for billet dropped to $695 per ton in August against $710 in July, a decline of 2.1 per cent, according to a monthly report from the Metallurgical Industries Chamber. Ezz Steel holds a 55 per cent stake in Ezz Dekheila.The company reported a 53 per cent drop in full-year 2010 net profits on 19 July after surging costs outweighed higher selling prices. Net profits were LE116.08 million ($19.5 million) versus LE249.56 million in 2009. Net sales grew 40 per cent, but costs rose by 46 per cent, causing operating profits to tumble 61 per cent, according to a company statement. Cairo's criminal court approved on Saturday freezing the assets Ahmed Ezz, former leader of the now defunct National Democratic Party (NDP), and family as requested by the Illicit Gains Authority. Ezz, who was the NDP secretary for organisational affairs, was removed from his position as chairman of Ezz Dekheila on 16 May.The prosecutor-general has ordered that Ezz and former Minister of Industry Ibrahim Salem Mohamadein be tried for illegal profiteering and wasting public funds. According to investigators' claims, Ezz accumulated LE4.82 billion between 2001 and 2011 while he was chairman of El-Dekheila Steel Company and furthered the interest of his own firms at the expense of El-Dekhelia of which the government was the main stakeholder.
