Ezz Steel, Egypt's largest steel producer, is expected to post a 97 per cent fall in third quarter net profit to EGP14.2 million ($2.6 million).

Two analysts out of five polled by Reuters predicted a net loss for the company.

"Ezz Flat Steel (a subsidiary of Ezz Steel) has not been operating since October 2008. Consequently, it has been incurring costs without any associated revenues," said Ismail Sadek, an analyst at Beltone Financial, who expected Ezz Steel to post a net loss of EGP31 million.

Ezz Flat Steel was shut as a result of declining global and domestic demand for flat steel.
Ezz Steel made a net profit of EGP502 million in the third-quarter last year on revenues of EGP6.3 billion. – Reuters