CI Capital expects Ezz Steel to post a Q3 2009 net loss of EGP 21 million as compared with EGP 502 million profit a year ago.

CI Capital said that during Q3 2009, local steel prices witnessed their lowest levels. Prices averaged EGP 2,700 per tonne for steel rebars and EGP 2,800 per tonne for flat steel.

It said that "This drop in local steel prices mirrored the drop in the international steel price and was driven by an oversupply in international steel products. The result was the importing of steel from abroad to meet the local demand for steel rebars."

(Sourced from Dow Jones)