Egypt's Ezz Steel, the largest independent steel producer in the Middle East, reported a 45.6 percent rise in first-quarter net profit to 522.8 million Egyptian pounds ($91.7 million).

Net profit before minority interest in the same period a year earlier stood at 359 million pounds, the company said in a statement released by the stock market on Monday.

Ezz Steel said the company would continue to evaluate possible expansion plans in the Middle East and North Africa.

Ezz Steel said in March it would build a steel rebars plant in Algeria to meet the demand of the booming construction sector there.

"Ezz Steel's strong first quarter performance reflects the company's continued ability to strengthen its leading position in the Egyptian and Mena (Middle East and North Africa) region's steel industry," chairman Ahmed Ezz, also a leading official in Egypt's ruling party, said.

"We remain confident in the outlook for the remainder of 2007," he added.

The statement said net profit after tax and minority interest in the first quarter of 2007 was 279 million pounds but gave no comparative figure. It said earnings per share rose 26 percent to 1.55 pounds.

Net sales reached 3.7 billion pounds, while earnings before interest, tax, depreciation and amortisation stood at 985 million pounds, the statement said without giving comparative figures.-Reuters