Ezz Steel to post narrower Q3 loss
Cairo, November 26, 2010
Egypt's Ezz Steel is expected to post a third-quarter net loss as margins were hit by rising raw material prices, offsetting much of a rise in sales, a Reuters poll of analysts shows.
Six analysts on average forecast Egypt's largest steelmaker would report a net loss at 20.3 million Egyptian pounds ($3.5 million), with estimates ranging from a net loss of 60 million to a net profit of 7 million pounds.
Ezz Steel suffered soaring raw material costs after top global producers Vale and BHP Billiton changed their pricing models.
'Steel prices did not rise to levels that offset surges in raw material prices,' said Ahmed Shams El Din, analyst with EFG-Hermes.
However, a recovery in sales after a slump in 2009 means the loss is narrower than the 67.6 million pounds it lost in the same quarter a year ago.
The Reuters poll expected revenues for the quarter to rise 48.6 per cent year-on-year to 4 billion pounds.-Reuters
Tags: Ezz Steel |
More Industry, Logistics & Shipping Stories
- Flare, Jordan form parent company ‘Aereon’
- Drydocks delivers second MCV for US
- ASIS launches amphibious leisure boat
- Taskforce sought to develop Saudi downstream sector
- DP World launches $200m India project
- RAK 'exploring' ceramics unit stake sale
- Mideast carriers top global air freight growth
- DMCA launches maritime solution apps
- Saudi plans oil-to-chemicals plant at Yanbu
- Sabic gets four bids for JV with Mitsubishi Rayon
- Pentair, IDC launch industrial services JV
- Major maritime conference to be held in Dubai
- GPIC wins key IFA certification
- Gulf rules must aid e-commerce: Aramex
- Gulftainer expands 2013 ops by 50pc
- DMCA to take part in Dubai boat show
- Al Namal to launch eco-friendly chillers
- Abu Dhabi city ports to receive facelift
- Kuwait Styrene posts $180m net profit
- Drydocks set for key energy event
- Aramex launches new address check system
- Toshiba in green push at Bahrain expo
- Equate net profit surges 14pc to $1.2bn
- Shaikh Daij named new Alba chairman
- Al Abbas wins logistics rights to Sudan
- Milaha profits jump 14pc to top $260m
- BIC, Al Zayani renew partnership
- Dubai Metro to open 2 stations Saturday
- Top petchem firms back UAE plastics events
- DGCX, China’s DCE launch plastics futures