Turkish integrated long steel producer
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A.S. (
Kardemir) has announced its financial results for the first quarter of the current year, posting a net loss of TRY 87.7 million ($32.5 million), compared to a net profit of TRY 102.4 million in the corresponding quarter of the previous year. Sales revenues of the company decreased by 13.4 percent year on year to TRY 476.08 million ($176.6 million). The company registered an operating loss of TRY 17.3 million ($6.4 million), compared to an operating profit of TRY 117.5 million.
In the first quarter,
Kardemir produced 273,400 mt of metallurgical coke - up 5.8 percent, 489,947 mt of
crude steel - up 3.7 percent, and 11,426 mt of
pig iron - rising from 869 mt, all on year-on-year basis. Meanwhile, in the period in question, the company's
billet output totaled 237,070 mt, falling by 1.8 percent, while its bloom output amounted to 242,665 mt, rising by 9.5 percent, both compared to the first quarter of 2014.
Kardemir's
rebar output in the January-March period decreased by three percent to 167,973 mt, while its rail product output totaled 16,648 mt - down 41 percent, both compared to the corresponding quarter of the previous year. During the first quarter this year,
Kardemir produced 55,528 mt of steel sections, falling by 5.5 percent year on year.
Additionally,
Kardemir is expected to start wire rod production in the second quarter of 2016 at its new rolling mill with an annual capacity of 700,000 mt.