According to an article in Al Borsa, Ezz Steel [ESRS.CA] has been forced to shut down its new DRI plant after it was recently inaugurated in December 2015 due to a shortage in supplies of natural gas. Kamel Galal, IR manager at Ezz Steel, also mentioned that the company would resume operations of the plant in case gas supplies reach 50-60% of the contractually agreed volumes. Overall, we are assuming that the shortage in natural gas volumes would continue during 2016 and that the company's DRI plants would only be able to achieve operating rates of 75%. (Al Borsa, Ahmed Hazem Maher)   Ezz Steel: EGP7.83 as of 17 May 2016, Rating: Buy, FV: EGP14.00 per share, MCap: USD479 million, ESRS EY / ESRS.CA