Turkey’s Cemtas posts 95 percent drop in profit for 2009

Tuesday, 09 February 2010 12:26:47 (GMT+2)

On February 8, Bursa-based Turkish steelmaker Cemtas Celik Makina Sanayi ve Ticaret A.S (Cemtas) announced its operational and financial results for 2009.

Accordingly, in 2009, Cemtas' sales revenue totaled TRY 110.69 million ($73.15 million), decreasing by 38.47 percent, while its profit amounted to TRY 1.17 million (approx. $770,000), plummeting by 94.7 percent, both compared to 2008.

In the year in question, Cemtas' steel billet output totaled 93,921 metric tons, decreasing by 22 percent year on year, while its rolled steel output declined by 25 percent year on year, amounting to 86,789 metric tons.

Heavily affected by the negative situation in the domestic and international automotive industry as a special steel producer, in 2009 Cemtas' total sales amounted to 86,661 metric tons, dropping by 75 percent compared to the previous year. Of the total sales volume, 35,903 metric tons were shipped to the domestic market - down 31 percent, while sales to foreign markets declined by 19 percent, reaching 50,759 metric tons, both compared to 2008.

For 2010, the steel producer expects to see increased demand for specialty steels, as the inventory levels of end-users are at extremely low levels

Cemtas is specialized in the production of special grade steel, mainly for the automotive and machine manufacturing industries. The company has a melt shop with an annual capacity of 153,150 metric tons, and a rolling mill with an annual capacity of 228,160 metric tons.

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