Egypt’s Ezz Steel achieved a profit of EGP88.132M ($15.9M) for the fiscal year 2009.

ts profits for fiscal 2008 had been EGP1.233bn ($222.8M), meaning the 2009 results were 92.5% lower than the year before.

It blamed the deterioration of iron and steel products prices during 2009, the stiff competition from Turkish products on these prices in the Egyptian market, and the decline in Ezz Steel exports of flats due to weak global demand.