Ezz Steel says its positive financial figures are a result of a buoyant housing construction market.
Ezz Steel, Egypt’s biggest steel producer, has returned to profit in the first quarterof 2012 with $2.95m, compared with a net loss of $1.64m in the same quarter a year earlier.
The steelmaker attributed the positive results to a buoyant housing construction market that absorbed growing volumes of long steel.
Turnover climbed 18%, reflecting a 20% increase in the volume of long steel sold and a 6% increase in both long and flat steel prices, the company said.
“Long product exports accounted for 2% of total long sales, reflecting the continued strong domestic market demand for Ezz Steel’s long products, mainly from private house building activity,” it said.