Ezz Steel 2011 net profit falls 20%

Egypt's largest steel producer, Ezz Steel, said on Tuesday its 2011 net profit declined 20 percent from a year earlier.

Net profit after minority interests dropped to LE202 million (US$33.5 million) from LE252 million. Net sales rose 12 percent to LE18.6 billion.

The company was rocked by the uprising against leader Hosni Mubarak in February 2011 and its aftermath.

Egypt's attorney general jailed the company's chairman Ahmed Ezz in February of last year on corruption charges. He has since stepped down.

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