Turkey's largest steelmaker Erdemir has posted a loss of TRL 137 million (US$89 million) in the first quarter of 2009, compared to profit of TRL 219 million in the corresponding period of 2008, as global steel prices fell to a six-year low and weaker currency made its foreign debt costlier.
Erdemir said in an earnings statement that its sales fell by 24 percent to TRL 1.063 billion (US$694 million) in the period in question, from TRL 1.437 billion in the year-ago period.
During the first three months of 2009, Erdemir's Eregli works increased its crude steel production by 13 percent to 896,216 mt, compared to the same period of last year. Meanwhile, Erdemir's Iskenderun works' crude steel production decreased by 8.2 percent to 659,652 mt year-on-year.