Turkish integrated long steel producer Kardemir Karabuk Demir Celik Sanayi ve Ticaret A.S. (Kardemir) has announced its financial and operational results for the first half of this year.
In the first half of the year, Kardemir achieved a net profit of TRY 2.29 billion ($127.46 million) compared to a net profit of TRY 1.42 billion in the same period last year, maintaining its financial growth momentum as in the first quarter results. The company registered an operating profit of TRY 2.76 billion ($145.11 million) in the first half of this year, up by 47 percent year on year. Kardemir’s sales revenues increased by 101.7 percent year on year to TRY 12.85 billion ($715.5 million).
In the given period, Kardemir produced 1.09 million mt of crude steel, down by 12.8 percent, while its pig iron production totaled 979,244 mt, up by 14.7 percent, both on year-on-year basis. Meanwhile, the company stated that its product sales volume amounted to 1.02 million mt in the first half, falling by 12.9 percent year on year.