25
Nov
15:50
Ezz Steel seen losing on pound floatation
Ezz Steel is likely to suffer a EGP 2.7 billion ($152.8 million) foreign exchange (FX) loss in the fourth quarter following the floatation of the Egyptian pound earlier this month, according to investment bank EFG Hermes.
This will lead to an “… aggressive” hit to Ezz’s equity base, especially at Ezz Dekheila (EZDK) which holds the bulk of foreign currency debt, EFG Hermes says in a note seen by Kallanish. The bank forecasts Eg…
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Anonymous
Very good overview of the weekly steel market.
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