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Article: News in brief.
- Article from:
- Daily News Egypt (Egypt)
- Article date:
- December 17, 2008
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Ezz Steel 9M net profit up 56 pct
Ezz Steel posted net pretax profit of LE 3.4 billion ($615.1 million) in the first nine months of 2008, a 56 percent increase over the period last year, the company said on Tuesday.
Record prices and demand for steel products had driven the firm's growth, Managing Director Paul Chekaiban said.
"This has enabled us to build a robust balance sheet, which will help us to effectively confront the global slowdown that has taken place since the close of the period," Chekaiban said.
On Monday, Egypt's largest steel producer said it had cut production in recent months as the global slowdown hampered consumption ...