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Egypt’s Ezz Steel benefits from favorable Q3 market

Despite benefiting from a domestic market buoyed by anti-dumping measures, Ezz Steel, has been immune to Egypt's high interests.
15.12.17 | Source: Metal Bulletin

Ezz Steel has benefited from the favorable domestic rebar market in the country in July-September 2017, but the adverse conditions in the Egyptian financial environment and extremely high interest rates, coupled with the acute shortage of liquidity in the banking system, have prevented the steelmaker from meeting its working capital minimum requirements, company chairman and managing director Paul Chekaiban said on Thursday, December 14. The company enjoyed strong demand for locally produced rebar, thanks to the anti-dumping duties applied, from December 6, to rebar imports from China, Turkey, and Ukraine and lasting for a period of five years