Turkish integrated steelmaker OYAK Mining and Metallurgy Group has announced a net profit of TRY 5.84 billion ($1.21 billion) for 2018, compared to a net profit of TRY 3.89 billion in 2017, while the company's sales revenues amounted to TRY 27.42 billion ($5.6 billion), up 44.2 percent compared to the previous year. The company's operating income in 2018 amounted to TRY 7.81 billion ($1.62 billion) compared to an operating income of TRY 4.9 billion in the previous year.
Regarding the operational results, in the whole year OYAK Mining and Metallurgy Group produced 9.14 million mt of crude steel, down 0.6 percent, including 3.4 million mt of crude steel produced at the Eregli works, falling by five percent, and 5.75 million mt at the Iskenderun works, rising by two percent, all year on year.
In 2018, the flat steel output of OYAK Mining and Metallurgy Group increased by 0.4 percent to 7.74 million mt, while the company's long steel output amounted to 980,000 mt, down 26.2 percent, both year on year. Additionally, in the given year the flat steel sales volumes of the company went down by 1.5 percent year on year to 7.48 million mt, while its long steel sales volumes declined by 32.6 percent year on year to 919,000 mt.
During 2018, the company exported 1.63 million mt of steel products, including 1.53 million mt of flat steel and 102,000 mt of long steel, accounting for 19 percent of total sales. In the given period, the steel producer exported flat products to 41 countries and long products to 14 countries.
The company stated that the upgrade of blast furnace No.2 at its Ereğli works has been approved, while commissioning continues at the galvanizing line No. 2, while at the İskenderun works the company has approved the upgrade of coke battery No.3 and the new sintering plant.