- Steel producer Ezzsteel losses narrowed in the nine months through September even as improved industrial activity was offset by rising costs.

For the 9 months through September, net profit after tax narrowed to EGP1.01bn from EGP1.39bn net sales rose 28% to EGP37.45bn and earnings (EBITDA) rose 69% to EGP4.59bn.

The results were weighed down by rising costs as prices of raw materials, energy, graphite electrodes and ferroalloys all increased substantially, the company said.

'During the third quarter 2018, ezzsteel successfully continued to improve its operational performance. We have increased the total output of our plants as well as our sales volumes in domestic and international markets,' said Mr Paul Chekaiban, Chairman and Managing Director of ezzsteel.

'In the coming periods we expect the Egyptian Authorities to take the appropriate measures in order to alleviate the unfair and adverse circumstances affecting our company, allowing us to fully benefit from the improvement of our operational performance.'

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