Egyptian Iron, Steel sales hit LE 1.1B in 11 months

CAIRO – 10 July 2017: Egyptian Iron and Steel (HADISOLB) announced Monday, it posted LE 1.1 billion ($62 million) sales in the 11 months ended May 2017, it said in a statement to the Egyptian Exchange.

Around LE 204 million of the total sales were made of local sales and $17.3 million were generated from exports, compared to a total of LE 1.124 billion in the year-ago period.
Total sales reached LE 182.6 million in May, distributed as LE 149 million local sales and LE 33 million exports.

Earlier this month, steel prices recorded a relative increase, mostly attributed to the instability rate of raw materials import (of billet) to local steel factories. This is also due to a global price hike reaching $430 per ton, and a one percent increase in the Value Added Tax (VAT).

“The ton price fluctuated between LE 10,324 ($562.2) and LE 9,950 ($541.8). The price increase resulting from a (VAT) increase by 1 percent (to 14 percent), led to a LE 100 increase per ton,” Tarek AlGioshy, Chairman of AlGioshy Steel Group, said.