Ezz Steel losses accelerate on “extremely adverse” market conditions

EARNINGS WATCH- Ezz Steel 2019 losses accelerate in 3Q on “extremely adverse” market conditions: Ezz Steel reported a consolidated net loss of EGP 3.59 bn in the first three quarters of 2019, extending its EGP 2.47 bn loss in the first half of the year by more than EGP 1 bn in the third quarter, according to the company’s financial statement (pdf). The company blamed “extremely adverse” market conditions for the deteriorating figures, including a “total collapse” in prices for finished steel products and volatile iron ore prices. The company’s losses have more than trebled in the space of a year, having ended the same period in 2018 EGP 1 bn in the red. Top line net sales fell to EGP 35.26 bn in 9M2019, a 6% drop from EGP 37.45 bn in the same period last year.