Egyptian steel manufacturer Ezz Steel reported losses of EGP1.5bn (EBITDA) in 2019 due to decline in steel sales, according to a report released on June 17.
This is a drop of 128pc compared with earnings of EGP5.4bn for FY 2018.
“In the beginning of 2020, the COVID-19 pandemic started to cast its shadow over the world. Economies contracted worldwide, and with them steel consumption,” said a statement issued by the company. “We expect that the situation will gradually start improving in the second half of the year.”
In 2019, sales fell by 7pc to EGP45.7bn, driven by a 26pc decrease in flat steel sales, particularly in the export market. Long steel sales increased by 1pc.
Long steel products accounted for EGP34.14bn, or 75pc of overall sales in 2019, while flat steel products formed 24pc of sales at EGP10.99bn.
(1EGP = $0.061)