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Jordan Steel Posts 65 Pct Drop in H1 Net Profit - ASHARQ AL-AWSAT English Archive
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AMMAN, (Reuters) – Jordan’s top steel producer Jordan Steel posted a 65 pct drop in first-half net profit to 2 million dinars ($2.8 mln), financial statements released on Thursday showed.

For the second quarter, Jordan Steel posted a loss of 462,882 dinars ($652,866) compared with a 3 million dinars profit a year before, the statement obtained by Reuters showed.

Industry analysts say a depressed real estate sector and weak steel prices, along with dumping of cheaper UAE imports, were to blame for the sharp drop in profitability of the kingdom’s largest steel producer, with a market share of at least 30 percent.

The firm’s major export market is Saudi Arabia.

Jordan Steel expects to finish an expansion plan by the end of the year that will raise its production capacity to 360,000 tonnes annually from 240,000 tonnes.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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