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Ezz Steel reported a sharp fall in earnings pressured by a sustained fall in the price of steel products and a rise in costs of iron ore pellets.
For the six months ended 30 June 2019, earnings (EBITDA) fell 81% to EGP 659m, and sales rose 2% EGP 25.9bn.
This increase in sales was driven by an 8% increase in long sales, which was partly offset by a 16% decrease in flat sales, the company said.
Long steel production volumes totalled 1.9m tonnes during H1 2019, up 10% from a year earlier. Flat steel production volumes decreased by 7% to 609,000 tonnes for the period, compared with 652,000 tonnes a year earlier.