OYAK Mining Metallurgy Group sees higher net profit and revenues in H1

Wednesday, 10 August 2022 12:18:04 (GMT+3)   |   Istanbul
       

Turkish integrated steelmaker OYAK Mining and Metallurgy Group has announced a net profit of TRY 12.75 billion ($859.79 million) for the first half this year, compared to a net profit of TRY 6.05 billion in the same half last year, while the company’s sales revenues amounted to TRY 63.8 billion ($4.3 billion), up by 157.3 percent year on year. The company’s operating income in the first half amounted to TRY 18.9 billion ($1.27 billion), compared to an operating income of TRY 8.61 billion in the first half of the previous year.

Regarding the operational results, in the given period OYAK Mining and Metallurgy Group produced 4.1 million mt of crude steel, decreasing by 8.7 percent, including 1.49 million mt of crude steel produced at the Eregli works, falling by 11.5 percent, and 2.61 million mt at the Iskenderun works, falling by 7.1 percent, all year on year.

In the first half this year, the flat steel output of OYAK Mining and Metallurgy Group increased by 1.2 percent to 3.78 million mt, while the company’s long steel output amounted to 479,000 mt, increasing by 18.5 percent, both year on year. Additionally, in the given period, the flat steel sales volumes of the company went down by 4.3 percent year on year to 3.48 million mt, while its long steel sales volumes rose by 20.7 percent year on year to 459,000 mt.

During the given period, the company exported 563,000 mt of steel products, including 527,000 mt of flat steel and 36,000 mt of long steel, with exports accounting for 14 percent of total sales. In the given period, the steel producer exported flat products to 34 countries and long products to seven countries.


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