Erdemir to get into restructuring process
According to reports from the industry,
Erdemir is going for a restructuring process to become a group of companies. Currently
Erdemir has 6 affiliate companies.
In a press conference held in Istanbul,
Erdemir GM evaluated the 9-month performance of the company and stated that the restructuring process has been initiated within the company.
After experiencing the lowest price levels of the last 30 years in the global steel industry through January 2001 – June 2002 period, the prices have finally started to move upwards and
Erdemir's expectations are for further upward trend in the market.
Erdemir GM pointed out to the positive impacts of the decreasing inflation in the country on the company's balance as well as the sharp drop of the company's financial expenses down by $234.9 million to $ 114.5 million in the first nine months of the year 2002.
The gradually declining net loss will be taken further down towards the end of the year. Looking at the net profit of $10.09 million obtained in the third quarter of 2002, the company predicts that the 9-month loss of $84.4 million which can be interpreted as 54% recovery compared to last year's figures, will be further decreased by the end of the year.
For the restructuring process,
Erdemir plans to proceed under the supervision of an international consultancy firm.