Turkish rebar producer Izmir Demir Çelik Sanayi A.S. (IDC) has announced its operational and financial results for the first quarter of 2010.
According to the statement from IDC, the company's consolidated profit for the first quarter of 2010 totaled TRY 5.55 million ($3.55 million), compared to a net profit of TRY 14.93 million in Q1 2009. In the quarter in question, IDC's sales revenues improved by 11.23 percent year on year to TRY 209.32 million ($133.76 million). Its export sales accounted for 56.89 percent of its total sales in value.
In the first three months of 2010, IDC produced 225,852 mt of steel billets, down 6.12 percent, and 137,288 mt of rebar, down 21.54 percent, both compared to the corresponding period of 2009. In the quarter in question, the production capacity usage of the company's rolling mill was 61.02 percent, while its melt shop operated at 68.44 percent capacity, decreasing by 16.75 percent and 4.47 percent respectively compared to the previous year.
In the given period, the company sold 28,938 metric tons of semi-finished products and 232,039 metric tons of finished products, while the company's total exports amounted to 140,901 metric tons, down 25.81 percent year on year.
IDC also stated that, in the first quarter of this year, its crude steel output accounted for 3.72 percent of Turkey's total crude steel output, while it had a share of 5.71 percent in the countries production using electric arc furnaces.
Regarding the 2010 outlook, IDC said that it expects demand from the Middle East, Gulf and North Africa to continue to be relatively higher compared to other markets. The company also foresees that local demand will rise, that the US steel market will improve and US market will once again become an important market for Turkish steel products.