New Report Available: Egypt Metals Report Q1 2014

We forecast modest growth in the Egyptian steel sector over the coming years, in line with our outlook for the wider economy. We examine 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.

We remain positive on the effects of Egypt's transition towards a democratic government, as investors will begin to look more favourably towards the country as a potential market to work with. We have seen these positive effects on the country are already beginning to show. For 2013, BMI forecasts steady Egyptian steel production growth on the back of greater investment in expanding production capacity and more stability in the country following the 2012 presidential elections, as well as greater investment pouring in from Gulf countries looking diversify their regional portfolios.

Full Report Details at
- http://www.fastmr.com/prod/723455_egypt_metals_report_q1_2014.aspx?afid=301

In addition to more favourable market dynamics, BMI's forecast for 2013 is supported by Elmarakby Steel's plans to open its first meltshop producing steel billets from scrap by end-2013. The 350,000tpa EAF in Giza will feed an existing 240,000tpa rolling mill, with the remainder exported or sold on the domestic market. The country has been operating well under full capacity, with a utilisation rate under its 8.8mntpa potential. Even without further capacity expansion, Egypt has the potential to grow by up to 30% from 2010 levels, using plants that are currently in operation. That said, our expectation for continued political and economic upheaval will weigh on growth.

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