Turkey-based Erdemir more than doubles net profit in 2013

Friday, 14 February 2014 14:44:52 (GMT+3)   |   Istanbul
       

Turkey's largest steelmaking group Eregli Demir ve Celik Fabrikalari TAS (Erdemir) has announced its financial results for 2013, posting a net profit of TRY 919.9 million ($420.8 million), more than double compared to 2012. The company's sales revenues in the given period amounted to TRY 9.78 billion ($4.47 billion), up 2.2 percent, while its operating income more than doubled to TRY 1.55 billion ($709.17 million), both compared to the previous year.
 
Regarding the operational results, during 2013 crude steel production at Erdemir's Eregli works increased by 16.2 percent year on year to 3.8 million mt, while crude steel output at the producer's Iskenderun works decreased by 2.7 percent year on year to 4.5 million mt.
 
In the given period, the flat steel output of Erdemir increased by 7.4 percent to 6.42 million mt, while the company's long steel output amounted to 1.35 million mt, down 10.7 percent, both year on year. Additionally, Erdemir's flat steel sales volumes increased by 5.7 percent year on year to 6.37 million mt, while its long steel sales volumes decreased by 9.1 percent year on year to 1.3 million mt.

Erdemir stated that, despite the economic slowdown and the political disturbances in the Middle East, in 2013 the company exported 491,000 mt of flat steel products to over 40 countries, while its flat steel market share in Turkey is estimated to have increased to 34 percent.


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