Erdemir Group sees strong increase in net profit in Q1
Turkish integrated steelmaker Erdemir Group has announced a net profit of TRY 930.11 million ($251.98 million) for the first quarter of the current year, compared to a net profit of TRY 168.09 million in the same period of 2016, while the company’s sales revenues amounted to TRY 4.19 billion ($1.13 billion), up 62.6 percent compared to the corresponding quarter of the previous year. The company’s operating income in the first quarter this year amounted to TRY 1.17 billion ($317.13 million) compared to an operating income of TRY 218.2 million recorded in the same quarter of the previous year.
Regarding the operational results, in the first quarter Erdemir Group produced 2.3 million mt of crude steel, down one percent, including 877,000 mt of crude steel produced at the Eregli works, down eight percent, and 1.43 million mt at the Iskenderun works, up five percent, all year on year.
In the first quarter this year, the flat steel output of Erdemir Group rose by 1.9 percent to 1.86 million mt, while the company’s long steel output amounted to 298,000 mt, down 24.7 percent, both year on year. Additionally, in the given quarter Erdemir Group’s flat steel sales volumes decreased by 7.72 percent year on year to 1.74 million mt, while its long steel sales volumes declined by 24.6 percent year on year to 300,000 mt.
In the January-March period, Erdemir Group exported 283,000 mt of steel products, including 208,000 mt of flat steel and 75,000 mt of long steel, accounting for 14 percent of total sales. In the given period, the steel producer exported flat products to 37 countries and long products to 12 countries.
*This was published on SteelOrbis website on April 21, 2017.