OYAK Mining Metallurgy Group posts lower net profit for Jan-Sept

Friday, 23 October 2020 12:19:35 (GMT+3)   |   Istanbul
       

Turkish integrated steelmaker OYAK Mining and Metallurgy Group has announced a net profit of TRY 1.55 billion ($230.58 million) for the first nine months this year, compared to a net profit of TRY 3.24 billion in the corresponding period of the previous year, while the company’s sales revenues amounted to TRY 21.93 billion ($3.26 billion), down 4.4 percent year on year. The company’s operating income in the first nine months amounted to TRY 3.41 billion ($508.38 million) compared to an operating income of TRY 3.90 billion in the same period of the previous year.

Regarding the operational results, in the first nine months this year OYAK Mining and Metallurgy Group produced 6.48 million mt of crude steel, remaining unchanged, including 2.73 million mt of crude steel produced at the Eregli works, rising by 22 percent, and 3.74 million mt at the Iskenderun works, declining by 11 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 1.4 percent to 5.42 million mt, while the company’s long steel output amounted to 773,000 mt, up 2.1 percent, both year on year. Additionally, in the given period the flat steel sales volumes of the company went down by 1.5 percent year on year to 5.39 million mt, while its long steel sales volumes declined by 0.7 percent year on year to 774,000 mt.

During the first nine months, the company exported 1.08 million mt of steel products, including 1.03 million mt of flat steel and 48,000 mt of long steel, with exports accounting for 18 percent of total sales. In the given period, the steel producer exported flat products to 40 countries and long products to 10 countries.


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