OYAK Mining Metallurgy Group posts higher net profit for 2020

Friday, 12 February 2021 11:30:08 (GMT+3)   |   Istanbul

Turkish integrated steelmaker OYAK Mining and Metallurgy Group has announced a net profit of TRY 3.51 billion ($501 million) for the full year of 2020, compared to a net profit of TRY 3.49 billion in 2019, while the company’s sales revenues amounted to TRY 32.05 billion ($4.57 billion), up 16.7 percent year on year. The company’s operating income in 2020 amounted to TRY 5.57 billion ($795.55 million) compared to an operating income of TRY 4.38 billion in 2019.

Regarding the operational results, in 2020 OYAK Mining and Metallurgy Group produced 8.53 million mt of crude steel, decreasing by 0.9 percent, including 3.63 million mt of crude steel produced at the Eregli works, rising by 18.3 percent, and 4.89 million mt at the Iskenderun works, declining by 11.6 percent, all year on year.

In 2020, the flat steel output of OYAK Mining and Metallurgy Group increased by 0.1 percent to 7.26 million mt, while the company’s long steel output amounted to 992,000 mt, down 3.3 percent, both year on year. Additionally, in the given year the flat steel sales volumes of the company went up by 3.3 percent year on year to 7.49 million mt, while its long steel sales volumes declined by 4.7 percent year on year to one million mt.

During last year, the company exported 1.40 million mt of steel products, including 1.33 million mt of flat steel and 69,000 mt of long steel, with exports accounting for 16.5 percent of total sales. In the given period, the steel producer exported flat products to 41 countries and long products to 15 countries.

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