OYAK Mining Metallurgy Group posts higher net profit and revenues for Q1

Friday, 30 April 2021 14:51:50 (GMT+3)   |   Istanbul
       

Turkish integrated steelmaker OYAK Mining and Metallurgy Group has announced a net profit of TRY 2.71 billion ($328.85 million) for the first quarter this year, compared to a net profit of TRY 322.78 million in the same quarter last year, while the company’s sales revenues amounted to TRY 10.46 billion ($1.27 billion), up 63.9 percent year on year. The company’s operating income in the first quarter amounted to TRY 3.47 billion ($420.68 million) compared to an operating income of TRY 763.97 million in the first quarter of the previous year.

Regarding the operational results, in the given quarter OYAK Mining and Metallurgy Group produced 2.31 million mt of crude steel, increasing by three percent, including 889,000 mt of crude steel produced at the Eregli works, falling by three percent, and 1.42 million mt at the Iskenderun works, rising by eight percent, all year on year.

In the first quarter this year, the flat steel output of OYAK Mining and Metallurgy Group increased by 5.8 percent to 1.81 million mt, while the company’s long steel output amounted to 208,000 mt, down 21.2 percent, both year on year. Additionally, in the given year the flat steel sales volumes of the company went up by 9.6 percent year on year to 1.80 million mt, while its long steel sales volumes declined by 23.2 percent year on year to 205,000 mt.

During the given quarter, the company exported 213,000 mt of steel products, including 201,000 mt of flat steel and 12,000 mt of long steel, with exports accounting for 11 percent of total sales. In the given period, the steel producer exported flat products to 20 countries and long products to four countries.


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