Ezz Steel Swings to Profit in H1 of 2021
Egyptian steel producer Ezz Steel swung to a first-half net profit following a sharp climb in revenue amid boost from rising exports and steel prices. For the six months ending 30 June 2021 pre-tax profit of EGP 2,397 million compared with a net loss of EGP 2,928 million as revenue climbed to EGP 30,417 million from EGP 17,826 million.
Exports jumps to USD 587 million from USD 156 million as global consumption of steel increased 14% to 1,004 million.
The 23% increase in Ezz Steel's HRC average selling price per ton from USD 758 in Q1 2021 to USD 931 in Q2 2021 was driven by the ability of manufacturers to reflect 'raw materials price increases on product prices -which was restored in Q4 2020- continued, reflecting the positive impact from COVID vaccination rollout and its accompanying economic recovery