According to the company's business results report, which was reviewed by Daily News Egypt, the company's net sales increased by 24% to EGP 83.9bn in 2022, compared to EGP 67.8bn in 2021. The company's exports declined to $797m in 2022 from $1.3bn in 2021. It added that the domestic consumption of reinforcing steel grew over the past year by 8% to record 7.8 billion tonnes, compared to 7.3 billion tonnes in 2021. The company confirmed experts' expectations that the global steel production market will try to stabilize the current production volume of 1.8 billion tonnes, which was already recorded in 2022. It expects global steel production to recover in a later period if inflation is controlled, but it will witness limited growth.

Source: Daily News Egypt April 04, 2023 22:41 UTC