Ezz Steel Q3 trims net loss

Daily News Egypt
1 Min Read

Reuters – Ezz Steel, Egypt’s biggest steel maker, trimmed its net loss by 74% in the third quarter of FY 2013 to 28.64 million Egyptian pounds from 110.05 million a year earlier, company results showed on Monday.

Street unrest, political turmoil and an economic slump since a popular uprising toppled autocrat Hosni Mubarak in 2011 have hurt demand for cement and steel used in construction.

Paul Chekaiban, chairman and managing director, said in a statement that he expected the gradual return of political stability in Egypt would allow the company to improve its profitability.

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