Ezz Steel, the biggest steel producer in MENA, said in a bourse statement Sunday that its board of directors approved on Thursday obtaining a long-term credit facility.

According to the company, the loan will be used in restructuring credit facilities through repaying some outstanding debt.

Ezz added that the credit facility agreement will be signed with National Bank of Egypt (NBE) and Arab African International Bank (AAIB).

Ezz had posted EGP 142.5 million net loss for the first half of FY14, against EGP 621.6 million net profit in the same period a year earlier.

Photo Credit: Arabianeye-Reuters