Turkish integrated steelmaker Erdemir has announced a net profit of TRY 344 million ($159.3 million) for the second quarter of the current year, increasing by nine percent year on year, while the company's sales revenues amounted to TRY 2.7 billion ($1.25 billion), up 3.5 percent compared to the corresponding quarter of 2013. The company's operating income in the second quarter increased by 9.9 percent year on year to TRY 356.9 million ($165.3 million).
During the first six months of 2014, Erdemir's net profit saw an annual growth of 42.7 percent year on year, reaching TRY 777.1 million ($359.8 million). In the given period, the company's sales revenues totaled TRY 5.64 billion ($2.6 billion), rising 11.8 percent, while its operating income increased by 17.4 percent to TRY 984.3 million ($455.7 million), both compared to the corresponding period of the previous year.
Regarding the operational results, during the first half of the current year crude steel production at Erdemir's Eregli works increased slightly by 0.4 percent year on year to 1.87 million mt, while crude steel output at the producer's Iskenderun works decreased by 12.1 percent year on year to 2.17 million mt.
In the given period, the flat steel output of Erdemir increased by 3.22 percent to 3.35 million mt, while the company's long steel output amounted to 545,000 mt, down 36.7 percent, both year on year. Additionally, Erdemir's flat steel sales volumes increased by 5.6 percent year on year to 3.4 million mt, while its long steel sales volumes decreased by 36.4 percent year on year to 557,000 mt.
Erdemir stated that, despite the economic slowdown in the European Union and the political disturbances in the Middle East, in the first half the company exported 379,000 mt of flat steel products to over 30 countries, while its flat steel market share in Turkey is estimated to have increased to 39 percent.