Turkish integrated long steel producer Kardemir Karabuk Demir Celik Sanayi ve Ticaret A.S. (Kardemir) has announced its financial results for the first quarter of the current year.
In the first quarter, Kardemir registered a net profit of TRY 67.6 million ($11.06 million), down 71.2 percent compared to the corresponding quarter of the previous year. Sales revenues of the company increased by 27 percent year on year to TRY 1.64 billion ($268.5 million). The company registered an operating profit of TRY 55.1 million ($9.05 million), up 83.66 compared to the first quarter of 2018.
In the January-March period of this year, Kardemir produced 568,285 mt of crude steel, down 5.9 percent and 528,527 mt of pig iron, falling 6.4 percent, both on year-on-year basis.
Kardemir's rebar output in the given period fell by 43.2 percent to 94,111 mt, while its rail product output totaled 11,725 mt, down 51.6 percent, both compared to the corresponding period of the previous year. During the given period, Kardemir produced 79,933 mt of steel sections, rising by 2.44 percent year on year.