OYAK Mining and Metallurgy starts trial production at galvanizing line, posts lower H1 profit

Friday, 09 August 2019 11:41:19 (GMT+3)   |   Istanbul

Turkish integrated steelmaker OYAK Mining and Metallurgy Group has announced a net profit of TRY 2.3 billion ($411 million) for the first half of 2019, compared to a net profit of TRY 2.6 billion in the corresponding period of the previous year, while the company's sales revenues amounted to TRY 14.6 billion ($2.6 billion), up 25.5 percent year on year.

Regarding the operational results, in the first half this year OYAK Mining and Metallurgy Group produced 4.43 million mt of crude steel, down 4.3 percent, including 1.6 million mt of crude steel produced at the Eregli works, falling by 9.4 percent, and 2.82 million mt at the Iskenderun works, declining by 1.1 percent, all year on year.

In the first six months of the current year, the flat steel output of OYAK Mining and Metallurgy Group decreased by 3.7 percent to 3.77 million mt, while the company's long steel output amounted to 522,000 mt, up 15.5 percent, both year on year. Additionally, in the given period the flat steel sales volumes of the company almost remained stable at 3.78 million mt, while its long steel sales volumes increased by 27.9 percent year on year to 540,000 mt.

During the given period, the company exported 1.01 million mt of steel products, including 866,000 mt of flat steel and 146,000 mt of long steel, accounting for 23 percent of total sales. In the given period, the steel producer exported flat products to 43 countries and long products to 16 countries.

Earlier this year the company announced the construction of two new blast furnaces and a strategic investment of $1 billion to increase its capacity. The company also stated that trial production has started at its new galvanizing line, with an annual capacity of 350,000 mt.

Meanwhile, although Erdemir denied any interest in bankrupt producer British Steel twice in July as SteelOrbis previously reported, the Financial Times has this week reported that Erdemir’s parent company Ataer Holding is planning to buy the UK-based steelmaker.

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