OYAK Mining and Metallurgy Group see improved sales revenues in Q1

Monday, 29 April 2019 17:51:29 (GMT+3)   |   Istanbul

Turkish integrated steelmaker OYAK Mining and Metallurgy Group has announced a net profit of TRY 1.04 billion ($193.87 million) for the first quarter of 2019, compared to a net profit of TRY 1.10 billion in the corresponding period of the previous year, while the company's sales revenues amounted to TRY 7.14 billion ($1.33 billion), up 31.8 percent year on year. The company's operating income in the first quarter amounted to TRY 1.45 billion ($272.4 million) compared to an operating income of TRY 1.54 billion in the same period of the previous year.

Regarding the operational results, in the first quarter this year OYAK Mining and Metallurgy Group produced 2.23 million mt of crude steel, down 1.3 percent, including 925,000 mt of crude steel produced at the Eregli works, falling by 0.4 percent, and 1.4 million mt at the Iskenderun works, declining by 1.9 percent, all year on year.

In the first quarter of the current year, the flat steel output of OYAK Mining and Metallurgy Group decreased by 6.74 percent to 1.83 million mt, while the company's long steel output amounted to 315,000 mt, up 25.5 percent, both year on year. Additionally, in the given period the flat steel sales volumes of the company went down by 2.5 percent year on year to 1.88 million mt, while its long steel sales volumes increased by 35 percent year on year to 336,000 mt.

During the first quarter, the company exported 567,000 mt of steel products, including 460,000 mt of flat steel and 107,000 mt of long steel, accounting for 26 percent of total sales. In the given period, the steel producer exported flat products to 34 countries and long products to 14 countries.

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