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Turkish rebar producer Izmir Demir Çelik Sanayi A.S. (IDC) has said that its consolidated profit for the second quarter of 2010 totaled TRY 6.78 million ($4.45 million), increasing by 22.23 percent quarter on quarter, compared to a loss of TRY 9.96 million in the second quarter of 2009.
 
In the quarter in question, IDC's sales revenues improved by 29.19 percent quarter on quarter to TRY 270.42 million ($177.5 million), up 58.18 percent compared to the year-ago period.
 
Meanwhile, in the first half of this year, IDC increased its profit by 2.5 times to TRY 12.33 million ($8.09 million), registering sales revenues of TRY 479.74 million ($314.9 million), up 33.58 percent, both compared to H1 2009.
 
In the first half of 2010, IDC produced 516,475 mt of steel billets, down 5.49 percent, and 311,839 mt of rebar, down 20.71 percent, both compared to the corresponding period of 2009. In the half year in question, the production capacity usage of the company's rolling mill was 69.3 percent, while its melt shop operated at 78.25 percent capacity, decreasing by 18.10 percent and 4.55 percent respectively compared to the previous year.
 
In the given period, the company sold 73,319 metric tons of semi-finished products and 467,637 metric tons of finished products, while the company's finished steel exports amounted to 273,479 metric tons, down 19.74 percent year on year.
 
IDC also stated that, in the first half of this year, its crude steel output accounted for 3.83 percent of Turkey's total crude steel output, while it had a share of 5.55 percent in the country's production using electric arc furnaces.
 
Regarding the 2010 outlook, IDC said that measures taken in the steel market leader China, which resulted in the slowdown of that country's growth, had raised worries about the markets. While in Turkey's key markets, such as the Gulf region, the Middle East and North Africa, demand has weakened due to Ramadan, the company expects increased steel prices in the third quarter, due to an anticipated demand rise and increased raw material prices. IDC also stated that it foresees the demand for Turkey's semi-finished steel products will surge, as Latin American demand and growth continue to rise and as China's exports decline.