CAIRO: CI Capital downgraded Ezz Al-Dekheila Steel-Alexandria to "hold," saying unrest throughout the Middle East and the environmental crisis in Japan may lead to reduced demand for steel products over the coming years.
"Although IRAX is Egypt’s largest integrated steel plant and the lowest cost producer in the region, the current unrest will still negatively affect IRAX’s fortunes," the brokerage said in a note.
CI Capital also said rising oil prices are expected to delay the global economic recovery.
