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 profit of TRY 249,848 ($85,328), compared to a net loss of TRY 71.74 million in the corresponding quarter of the previous year. Sales revenues of the company increased by 5.6 percent year on year to TRY 502.75 million ($171.61 million). The company registered an operating loss of TRY 14.66 million ($5 million), compared to an operating profit of TRY 11.12 million in the same quarter of 2015.
In the first quarter this year, Kardemir produced 258,500 mt of metallurgical coke - down 5.4 percent, 455,216 mt of crude steel - down seven percent, and 657 mt of pig iron - falling from 11,426 mt, all on year-on-year basis. Meanwhile, in the period in question, the company's billet output totaled 212,559 mt, declining by 10.3 percent, while its bloom output amounted to 231,659 mt, decreasing by 4.5 percent, both year on year.
Kardemir's rebar output in the January-March period decreased by 4.1 percent to 161,063 mt, while its rail product output totaled 10,185 mt - down 38.8 percent, both compared to the corresponding quarter of the previous year. During the first quarter this year, Kardemir produced 62,084 mt of steel sections, rising by 11.8 percent year on year.