Turkish integrated steelmaker OYAK Mining and Metallurgy Group has announced a net profit of TRY 1.4 billion ($248.5 million) for the third quarter of the current year, rising by 70 percent, while the company's sales revenues amounted to TRY 7.8 billion ($1.38 billion), up 77.7 percent, both compared to the corresponding quarter of the previous year. The company's operating income in the third quarter this year amounted to TRY 2.42 billion ($429.5 million) compared to an operating income of TRY 1.03 billion in the same quarter of the previous year.
In the first nine months of the current year, the company’s net profit reached TRY 4.09 billion ($889.9 million), up 54 percent, while the sales revenues increased by 46 percent to TRY 19.42 billion ($4.22 billion).
Regarding the operational results, in the January-September period OYAK Mining and Metallurgy Group produced 6.82 million mt of crude steel, down one percent, including 2.52 million mt of crude steel produced at the Eregli works, falling by four percent, and 4.3 million mt at the Iskenderun works, up three percent, all year on year.
In the first nine months of this year, the flat steel output of OYAK Mining and Metallurgy Group rose by 2.8 percent to 5.88 million mt, while the company's long steel output amounted to 684,000 mt, down 31.1 percent, both year on year. Additionally, in the given quarter OYAK Mining and Metallurgy Group’s flat steel sales volumes remained flat year on year at 5.6 million mt, while its long steel sales volumes declined by 34.8 percent year on year to 656,000 mt.
In the January-September period of the current year, the company exported 1.11 million mt of steel products, including 1.05 million mt of flat steel and 56,000 mt of long steel, accounting for 18 percent of total sales. In the given period, the steel producer exported flat products to 36 countries and long products to nine countries.