Turkish integrated steelmaker OYAK Mining and Metallurgy Group has announced a net profit of TRY 3.09 billion ($549 million) for the first nine months of 2019, compared to a net profit of TRY 3.91 billion in the corresponding period of the previous year, while the company's sales revenues amounted to TRY 21 billion ($3.73 billion), up 8.18 percent year on year. The decrease in the net profit is mainly due to higher iron ore prices as well as reduced exports.
Regarding the operational results, in the first nine months of this year OYAK Mining and Metallurgy Group produced 6.45 million mt of crude steel, down five percent, including 2.25 million mt of crude steel produced at the Eregli works, falling by 11 percent, and 4.2 million mt at the Iskenderun works, declining by two percent, all year on year.
In the first nine months of the current year, the flat steel output of OYAK Mining and Metallurgy Group decreased by 5.4 percent to 5.57 million mt, while the company's long steel output amounted to 757,000 mt, up 10.7 percent, both year on year. Additionally, in the given period the flat steel sales volumes of the company fell by 2.1 percent year on year to 5.5 million mt, while its long steel sales volumes increased by 18.9 percent year on year to 780,000 mt.
During the given period, the company exported 1.34 million mt of steel products, including 1.16 million mt of flat steel and 181,000 mt of long steel, accounting for 21 percent of total sales. In the given period, the steel producer gained 40 new customers in total, including 27 in flat steel and 13 in the long steel business.