Turkey's largest steelmaking group Eregli Demir ve Celik Fabrikalari TAS (Erdemir) has announced its financial results for the first nine months of 2011, stating that it recorded a net profit of TRY 832.5 million ($514.5 million), up 33 percent compared to the same period of 2010.
Erdemir pointed to the growth in flat steel product output and sales volume and increased steel prices throughout the world as the most significant reasons for the reported profit.
In the first nine months of 2011, Erdemir produced 5,165,000 mt of finished steel products, including 4,684,000 mt of flat steel and 481,000 mt of long steel products. Finished product sales totaled 5,033,000 mt in the given period, up 10 percent year on year.
According to its consolidated results, Erdemir increased its sales revenue in the given period by 41 percent to TRY 6.66 billion ($4.11 billion).
Erdemir increased its EBITDA by 59 percent to TRY 1.67 billion ($1.03 billion) and its EBITDA margin is reported as 25.1 percent.
According to Erdemir's statement, the company has maintained profitability since 2010 despite market fluctuations and the difficult competitive environment.