Ezz Steel raises prices for the fifth time in four months

Ezz Steel raises prices for the fifth time in four months

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Mon, 01/04/2013 - 17:34

Ezz Steel raised the price of steel Sunday to LE5,050 per ton from LE4,960 as a result of the dollar's rise against the Egyptian pound, a company official said.

The increase is the fifth of its kind since the Ministry of Industry and Trade This recent increase is the fifth of its kind in a row, since the decision of the Industry and Trade Ministry to impose a 6.8 percent per ton as protection fees on imported iron last December, bringing the total increases to about LE 1,000.

The company, which controls alone 50 percent of the domestic production, would increase prices to consumers to between LE5,150 and LE5,300 with it's latest price hike.

Edited translation from Al-Masry Al-Youm