13
Mar
10:16
Gas price reduction will boost Ezz Steel earnings: banks
EFG Hermes has raised its 2016 earnings estimate for Ezz Steel by 120% as a result of Egypt’s reduction last week of natural gas tariff for the steel industry to $4.5/million BTU from $7/m BTU.
The reduction took some by surprise, with EFG Hermes previously having forecast a gas price hike to $8/m BTU. Lower gas prices will lead to greater direct reduced iron utilisation and therefore wider margins at Ezz, but the investment bank remains conservative on th…
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Anonymous
Very good overview of the weekly steel market.
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