(3 Minutes Read)
Despite the difficult economic situation in Egypt, local rebar manufacturers were able to improve their performance in the first half of 2024. Steel market participants indicate that the stability of exchange rates, currency pumping, and new investments were positive factors in the steel market.
Egypt’s production of steel rebar was up by 37% year-on-year (YoY) to 4.15 million tonnes in the first half (H1) of 2024. The production growth was backed by the availability of the dollar currency and companies’ tendency to export.
The number of rebar factories in the Arab Republic stands at 14, including Ezz Steel, Beshay Steel, Suez Steel, and Egyptian Steel. In the first quarter (Q1) of 2024, Ezz Steel turned to a consolidated net profit after tax valued at EGP 1.26 billion, against net losses of EGP 2.48 billion in Q1-23.
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Egypt’s consumption of rebar reached 3.1 million tons in the first half of 2024, an increase of 10.7% compared to the same period last year, and a decrease of 16.2% compared to the second half of 2023. This decline is largely due to the period of religious holidays that the state celebrated in the first half of this year.
