Bursa-based Turkish steelmaker Cemtas Celik Makina Sanayi ve Ticaret A.S (Cemtas) has announced its financial results for 2012, reporting a net profit of TRY 8.5 million ($4.8 million), down 64.2 percent year on year.
In 2012, total sales revenues of the company decreased 14.5 percent year on year to TRY 196.22 million ($111 million), while its operating income decreased by 68.6 percent to TRY 7.4 million ($4.2 million) compared to the previous year.
Cemtas' steel billet output in the given period totaled 114,481 mt, decreasing by 14 percent, while its rolled steel output decreased by 13 percent to 107,607 mt, both compared to 2011.
According to Cemtas, in 2012 the 10 percent decrease in Turkish automotive industry output was reflected in its special steel production, causing its special steel output to fall by 18 percent year on year. Lower exchange rates caused an increase in import steel sales, while the price competition between domestic producers became stronger. Cemtas said that the weaker performance in the export markets during the second half of 2012 was caused by declining demand, as well as by price competition and lower exchange rates.