Erdemir achieved 50% increase in its net profit

Erdemir achieved 50% increase in its net profit

Turkish integrated flats producer Eregli Demir Celik T.A.S (Erdemir) achieved a net profit of $85 million in the first quarter of 2004, up by 50% when compared with the net profit recorded in the corresponding period of previous year. Net sales of the company reached $419 million, which indicates an increase of 46% against same period of previous year. The increase in the net sales is recorded depending on the price increases since December 2003. As reported by SteelOrbis early April, Erdemir increased base prices for all products by $40/mt. Therefore, hot rolled coil price increased to $550/mt and cold rolled coil price increased to $650/mt, indicating year-to-date increases of 46% and 59% respectively.