Ezz Steel reports falling profits in the first half of 2019

Ezz Steel reported a sharp drop in revenues driven by a sustained fall in steel product prices and an increase in iron ore pellets. For the six months ended June 30, 2019, EBITDA declined 81% to EGP 659 million, while sales rose 2% to EGP 25.9 billion. This increase in sales was driven by an 8% increase in long products sales, which was partially offset by a 16% decline in flat sales.

Long products production volumes amounted to 1.9 million tonnes in the first half of 2019, which is 10% more than a year earlier. Production of flat products declined by 7% to 609,000 tonnes during this period, compared with 652,000 tonnes a year earlier.