We forecast modest growth in the Egyptian steel sector over the coming years, in line with our outlook for the wider economy. We are taking into account the influence of the weak Egyptian pound on the sector and whether depreciation is sufficient to compete in an over-supplied regional market. We expect the worsening political situation to weigh on growth.

BMI Industry View 7

SWOT 9

Metals SWOT 9

Industry Forecast 11

Steel: Need For Imports To Fill The Deficit 11

      Table: Egypt - Steel Production & Consumption ('000 tonnes, unless stated) 14

      Table: Egypt - Steel Production Historical Data ('000 tonnes, unless stated) 14

Regulatory Development 15

Tax Regime 15

Corruption: A Key Concern 15

      Table: Egypt - Political Overview 16

Commodities Forecast 18

Commodity Strategy 18

Iron Ore: Fading Iron Will 18

Steel: Global Glut To Weigh On Prices 20

Aluminium: Fundamentals To Remain Weak 21

Copper: All Eyes On China 22

Lead: Outperforming Its Troubled Peers 23

Nickel: Monthly Outperformer 25

Tin: Outperforming A Weak Field 26

Zinc: Further Consolidation Likely 27

      Table: Select Commodities - Performance & BMI Forecasts 28

Steel Price Forecast 29

      Table: BMI Steel Forecast 29

Short-Term Outlook 29

Core View 29

Global Steel Glut To Persist 30

Production: Rationalisation In The Long Term 31

Consumption: Growth Decelerating 32

Excessive Chinese Exports 34

Growing Arbitrage Between East & West 34

Risks To Price Outlook 35

      Table: Steel Data & Forecasts 36

      Table: Global Steel Prices By Region & Product, US$/tonne (ave) 37

Competitive Landscape 38

      Table: Ezz Steel Facilities 38

      Table: MENA - Largest Metal Companies 40

Company Profile 41

Ezz Steel 41

      Table: Ezz Steel - Financial Data 43

Methodology 44

Cross Checks 44

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