Turkish integrated steelmaker OYAK Mining and Metallurgy Group has announced its financial and operational results for the first half of this year.
In the first half, the company reported a net profit of TRY 1.81 billion ($44.51 million), down 82.5 percent compared to a net profit of TRY 10.39 billion in the same period last year, while its sales revenues amounted to TRY 94.96 billion ($2.33 billion), down by 5.2 percent year on year. OYAK Mining and Metallurgy Group’s operating income in the given period amounted to TRY 3.74 billion ($91.98 million), compared to an operating income of TRY 13.37 billion in the same period of the previous year.
Regarding the operational results, in the first half of the year OYAK Mining and Metallurgy Group produced 3.7 million mt of crude steel, decreasing by 16.7 percent, including 1 million mt of crude steel produced at the Eregli works, and 2.7 million mt at the Iskenderun works.
In the first six months, the flat steel output of OYAK Mining and Metallurgy Group went down by 8.7 percent to 3.27 million mt, while the company’s long steel output amounted to 366,000 mt, moving down by 18.7 percent, both year on year. Additionally, in the given period, the flat steel sales volumes of the company went down by 5.4 percent year on year to 3.30 million mt, while its long steel sales volumes fell by 16.8 percent year on year to 367,000 mt.
In the given period, the company’s exports made up 25 percent of its total sales.