Arab Steel reported that the net profits of Ezzsteel during H1 2010 amounted to EGP 241 million compared to EGP 96 million for the same period of 2009 and that marks a growth rate of 151%. This was announced in the company's report released about the results of H1 2010.

Results of the H1 reflect a major improvement in the operational performance of the company for the period in question as compared to the same period of 2009. The growth in net sales marked 17% YoY as a result of the restart of production in EFS which has a production capacity of 1.3 million tonne per year the improved demand and a more positive climate for prices.

The overall sales volume of long products during H1, 2010 reached 2.2Mt compared to 2.1 million tonne in H1 2009, thus rising by 4.5%. Flat steel sales have seen a rise during H1 2010 from 523,000 tonnes in H1 2009 to 644,000 tonnes ie 23% increase.

Meanwhile, LP sales reached 1,553,000 tonnes in volume during H1 2010, falling 2% of the 1,578,000 tonnes produced in H1 2009. LP sales account for 68% of the overall sales figure of H1 2010, whereas flat products sales account for 30% of the overall sales. Moreover, LP sales are mainly to the local market while the production of flats is mainly aimed at the global steel market.

(Sourced from Arab Steel)