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Ezz Steel Plummets on Egyptian Exchange-The 21st China(Guangzhou) Die-casting, Foundry & Industry Furnace Exhibition
9/13/2019 压铸展-铸造展- Die-casting expo-foundry expo |
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Reuters reported that shares in Ezz Steel plunged on Monday by as much as 10% after investment bank CI Capital cut its target price by 65% to 4.20 Egyptian pounds (USD 0.25) in a research note. CI Capital’s research note forecast an Ezz loss of 3.8 billion pounds in 2019 due to a 25% YoY rise in iron ore prices, but assumed that improved commodity prices and operating rates could turn the company to profitability in 2021.
The company suffered consolidated losses of 1.28 billion pounds in the first quarter of this year, compared with a profit of 184 million a year ago.
Ezz Steel has been suffering annual losses since 2014, due to a myriad of market problems, including higher production costs on successive hikes in electricity and gas prices, lower domestic demand, and recession fears and lower prices in global markets.
压铸展-铸造展-2020第二十一届广州国际压铸、铸造及工业炉展览会-中国最受关注的压铸铸造展会-巨浪展览
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