Erdemir reported TL 47.8 billion loss for year 2002
During Turkish integrated flats producer Erdemir's general meeting held yesterday, chief executive announced a loss of TL 47.8 trillion ($39 million) for the financial year 2002, due to financing expenses. He also added that the company recorded a total TL 1.3 quadrillion ($875 million) sales revenue and an operating profit of TL 90.2 billion ($39 million). Besides, company gained TL 192 billion ($117 million) financial resource through operating activities in 2002. Furthermore Erdemir, initially established with a 378'000 ton production capacity, has increased its capacity to 3.1 million tonnes and last year produced 3.2 million tonnes of end product with full capacity. Meanwhile, company is aiming to reach a 4.5 million ton production capacity until 2005. According to chief executive of Erdemir, worldwide 100 million ton overcapacity puts pretty much pressure on steel prices. Reportedly, last year Turkey exported 1.1 million tonnes of flat steel products and imported 3.8 million tonnes while Erdemir exported 830'000 tonnes of flat steel to 25 countries, leading US and EU members, with an export value of $206 million. Apart from all, Erdemir announced record flat steel production of 3.15 million tonnes and total sales volume of 3.3 million tonnes throughout 2002.