Cairo – Mubasher: Ezz Steel shareholders endorsed on Wednesday the financial statements for the fiscal year that ended on 31 December, 2014, the company said in a bourse filing.

Shareholders also reviewed the board and auditor’s reports for the same FY. They elected a new board for the upcoming three-year term.

The steel producer logged net losses of EGP 835.6 million ($109.8 million) in FY14, versus net profits of EGP 527.9 million ($69.4 million) a year earlier.

The company's sales declined from EGP 21.3 billion to EGP 19.4 billion.

The standalone financials showed net losses of EGP 46.8 million, against net earnings of EGP 83.3 million in 2013.