24
Mar
00:00
Ezz Dekheila purchases $600m on black market to fund raw materials imports: sources
Ezz Steel’s flagship steelworks, Ezz Dekheila Steel (EZDK) bought over $636 million in hard currency from the black market in January-September 2014 to finance its raw materials purchases, Kallanish learns from Egyptian brokerage sources. Egypt’s foreign currency reserves have more than halved since the 2011 revolution.
These reserves were estimated at $15.43 billion at end-January, down from $36bn at the start of 2011. This has led banks to rest…
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Anonymous
Very good overview of the weekly steel market.
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