Morrocco-based steel producer Maghreb Steel’s flat steel product sales in Q3 FY20 (July-Sep, 2020) stood at 103,000mt, up by 17pc from the prior-year period and by 94pc from Q2 as the market gradually recovers from the COVID-19-induced lockdown and curbs, according to media reports citing the company’s statement.
The company’s revenue in Q3 rose by 14pc to MAD764mn ($84.1mn) from the prior year.
The rise in flat steel product prices across the globe also aided in lifting the sales and revenue in Q3.
In the Jan-Sep period, however, the company’s sales declined by 12pc to 245,000mt, while revenue fell by 13pc to MAD1.8bn ($202.9mn) as compared to the prior-year period.
The positive Q3 results were not enough to offset the economic impact of the COVID-19 pandemic and sales and revenue dropped in the first nine months of FY20.
The recovery of the domestic market has been slow and would require more time given the rise of cases in the second wave of the COVID-19 pandemic.
($1 = MAD9.0826)