Cairo – Mubasher: Ezz Steel announced that the government’s decision to cut energy costs will lower the company’s production costs.

Each tonne of end products requires 11 million British thermal units (MMBtu) of natural gas, the steel manufacturer said in a bourse disclosure on Thursday.

The Egyptian government reduced the price of natural gas for the industrial sector to $4.50 from $5.5 per 1 MMBtu.

During the first nine months of 2019, Ezz Steel incurred net losses of EGP 4.32 billion, compared to EGP 326.05 million in the year-ago period, including minority shareholders’ rights.