Egypt's Ezz Steel posts first-half net loss of LE176 mln

Ezz Steel, Egypt's biggest steelmaker, posted a first-half net loss of LE176 million ($24.6 million) on Thursday, compared with a net profit of LE302 million a year earlier.

"The first half of 2014 has been a challenging period for the business, as the disrupted availability of utilities in Egypt has had a material impact on output and margins," said Paul Chekaibin, the firm's chairman and managing director.

Net sales fell to 10.264 billion pounds from 11.141 billion a year earlier, Ezz said.

The company attributed the decline in sales to "a significant decrease in export volumes" which it blamed on weakness in international steel markets.