Ezz Steel announces signing of oil exploration agreements with the government

Ezz Steel said that it has signed, along with a number of Egyptian industrial groups, a framework agreement of intent for consultation and cooperation with the Egyptian government. The company explained in a statement in response to the stock exchange’s inquiries about what was published under the title “Signing oil exploration agreements with Ezz Steel,” that the Egyptian government has the desire to involve the most important Egyptian private sector companies in all economic sectors. It added that coordination with the government is expected to begin during the coming period. Ezz Steel recorded net profits of EGP 2.275 billion after taxes during the first half of this year, compared to losses of EGP 809.7 million in the same period last year. Sales revenues amounted to about EGP 100.684 billion in the first half of 2024, up from EGP 62.262 billion in the first half of 2023. Ezz Steel exports amounted to $822 million in the first half of 2024, with Ezz Steel exports amounting to $544 million (66.2% of the total), and rebar exports amounting to $278 million (33.8%).