- Steel producer Ezz Steel swung to a loss in the first nine months of the year as sales were hurt by lower steel demand and stalled construction activity.

For the nine-month period ending 30 September 2020, losses before interest, taxes, depreciation and amortisation, or LBITDA, were 246 EGP million, compared with EBITDA of 246 million EGP year-on-year as sales slipped 25% to 35.26 billion EGP.

'Demand remained low with the continued effects of COVID-19, including a significant drop-in construction activity, contributing to this decrease [in sales],' the company said.

'High iron ore price compared to decreased product prices, lower global demand, high utilities cost, and lack of sufficient local market protection continued to be factors that had a significant impact on gross profit,' it added.

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