El Ezz Steel revenues are estimated to grow in FY10

Arab Finance reported that Prime Holding sets, in a recent study, El Ezz Steel Rebars stock target price at EGP 17.1 per share with accumulate recommendation, based on the following reasons

1. The expected rebound in infrastructure and construction projects in FY10 after a year long global recession. Hence, an improvement in local steel production.

2. The jump in international flat steel prices by 5% since September, 2009 with the pick up in steel usage for automobile and white goods manufacturers. Thus, incremental improvement in local steel prices.

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