Isdemir announces strong recovery in Q1 accounts
One of the major Turkish steel producers Iskenderun Demir Celik A.S. (Isdemir), formerly known as TDCI, posted a net profit of TRL(Turkish Liras) 2.9 trillion (approximately $1.9 million) for the first quarter of 2003 with a 108% increase compared to TRL 37.6 trillion loss for the same period of a year ago.
According to the first quarter results, Isdemir recorded an end
production of around 4.57 million tons and 4.24 million tons of which is sold. Company's net earnings were calculated as TRL 168.4 trillion (approximately $109.3 million) for the first three months of the year.
It was also stated that the restructuring and cost reducing processes started upon completion of the takeover of Isdemir by major integrated Turkish mill
Erdemir (Eregli Demir ve Celik Fabrikalari T.A.S.) played big role on these results.