Borusan Mannesmann posts net loss for 2020

Monday, 08 March 2021 11:41:27 (GMT+3)   |   Istanbul
       

Turkey’s leading steel pipe producer Borusan Mannesmann has announced its financial results for 2020, posting a net loss of TRY 10.66 million ($1.52 million) for the year, compared to a net profit of TRY 65.70 million in 2019. In the given period, Borusan Mannesmann’s sales revenues declined by 18.3 percent year on year to TRY 3.73 billion ($532.03 million).

No profit was registered in the second half of the year due to exposure to tax given the quota on sales that were already booked.

In 2020, the company’s premium quality product sales were down by 21 percent year on year to 525,000 mt due to the coronavirus pandemic. In the same period, 64 percent of the company’s premium quality product sales were directed to export markets. The company’s turnover from sales of high value-added pipes which includes special and spiral pipes accounted for 74 percent of the total premium quality product sales turnover, while its turnover from high value-added drilling pipe sales accounted for 31 percent of the total premium quality product sales turnover. In the same year, the company’s turnover from value-added spirally-welded pipe sales amounted to 13 percent of the turnover from the total sales of premium quality pipes. Steel pipe sales for the automotive sector in 2020 lagged behind the levels recorded in 2019 amid the recession in the European market and the slowdown in local demand. The company’s turnover from pipe sales to the automotive sector in 2020 accounted for 21 percent of the total premium quality product sales turnover.

The company stated that the value of its investment in the given period was TRY 167.24 million ($22.10 million). It also stated that the decision to refund US Section 232 duties has been appealed and that the request of a stay of execution has been denied. The company was refunded $11.7 million.


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