Turkish integrated steelmaker OYAK Mining and Metallurgy Group has announced a net profit of TRY 1.108 billion ($273.83 million) for the first quarter of the current year, compared to a net profit of TRY 930.11 million in the same period of 2017, while the company's sales revenues amounted to TRY 5.42 billion ($1.33 billion), up 28.6 percent compared to the corresponding quarter of the previous year. The company's operating income in the first quarter this year amounted to TRY 1.53 billion ($379.74 million) compared to an operating income of TRY 1.22 billion in the same quarter of the previous year.
Regarding the operational results, in the first quarter OYAK Mining and Metallurgy Group produced 2.35 million mt of crude steel, up two percent, including 929,000 mt of crude steel produced at the Eregli works, rising by six percent, and 1.42 million mt at the Iskenderun works, remaining stable, all year on year.
In the first quarter this year, the flat steel output of OYAK Mining and Metallurgy Group rose by 2.2 percent to 1.95 million mt, while the company's long steel output amounted to 251,000 mt, down 15.7 percent, both year on year. Additionally, in the given quarter Erdemir Group's flat steel sales volumes went up by 9.2 percent year on year to 1.93 million mt, while its long steel sales volumes declined by 17 percent year on year to 249,000 mt.
In the January-March period of the current year, Erdemir Group exported 290,000 mt of steel products, including 280,000 mt of flat steel and 10,000 mt of long steel, accounting for 13 percent of total sales. In the given period, the steel producer exported flat products to 26 countries and long products to three countries.