Morocco’s national steel manufacturing company (Sonasid) ended 2019 with a net income of MAD8 million, down 84% compared with the MAD49.7 million in 2018.
The leader in steel production on the Moroccan market attributed this bad performance to a deterioration of market conditions both internationally and locally. “The pressure of the international context has been accentuated by the more marked drop in the price of finished products compared to that of raw materials and by the rise in the price of industrial consumables,” Sonasid said in a recent financial communication.
On the local market, the company listed on the Casablanca Stock Exchange faced “a strong increase in imports, especially from Turkey.” Subsequently, Sonasid's turnover fell by 5% to reach MAD3.5 billion at the end of 2019 against MAD 3.8 billion in 2018.
Sonasid is controlled up to 64.86% by Nouvelles Sidérurgies industrielles (NSI), jointly owned by the Luxembourg steel group ArcelorMittal and the Moroccan investment fund Al Mada.
Chamberline Moko
From Dakar to Nairobi, Kampala to Abidjan, mobile money has become a lifeline for millions of Africa...
Malawi votes in high-stakes presidential election Tuesday Economic crisis, inflation dominate vot...
Airtel Gabon, Moov sign deal to share telecom infrastructure Agreement aims to cut costs, boo...
Vision Invest invests $700m in Arise IIP, Africa’s largest private infrastructure deal in 202...
Even though it remains the smallest "crypto-economy" in the world, sub-Saharan Africa shows that vir...
5G penetration in Sub-Saharan Africa stands at 1.2% despite $28 billion in operator investments over five years. High smartphone and data plan...
Mombasa's commuter train service resumed on September 17, 2025, after modernization. The expanded 16.6 km line connects Mombasa's main district and...
INP-HB and HABG signed an MoU to develop an Executive Master's in Compliance and Anti-Corruption. The program aims to train competent professionals in...
DBSA closed a 100 mln rand ($5.7 mln) financing for EV charging stations. Local firm Zero Carbon Charge will build 60 solar-powered stations by...
Surprisingly, only one African song made it onto Rolling Stone's list of the 500 Greatest Songs of All Time. The track is "Essence," a collaboration...
The Umhlanga Festival, also known as the “Reed Dance,” is one of the most iconic cultural events in the Kingdom of Eswatini in Southern Africa. Every...