OYAK Mining Metallurgy Group sees higher revenues in 2022, lower operating income

Monday, 06 March 2023 12:20:58 (GMT+3)   |   Istanbul
       

Turkish integrated steelmaker OYAK Mining and Metallurgy Group has announced its financial and operational results for 2022.

The company reported a net profit of TRY 18.65 billion ($1.18 billion) for the full year, compared to a net profit of TRY 16.07 billion in 2021, while the company’s sales revenues amounted to TRY 127.78 billion ($8.1 billion), up by 87.3 percent year on year. The company’s operating income in 2022 amounted to TRY 23.57 billion ($1.47 billion), compared to an operating income of TRY 24.87 billion in the previous year.

Regarding the operational results, in the given period OYAK Mining and Metallurgy Group produced 7.78 million mt of crude steel, decreasing by 14.0 percent, including 3.12 million mt of crude steel produced at the Eregli works, falling by six percent, and 4.66 million mt at the Iskenderun works, falling by 18.0 percent, all year on year.

In the full year, the flat steel output of OYAK Mining and Metallurgy Group decreased by 6.2 percent to 7.04 million mt, while the company’s long steel output amounted to 736,000 mt, decreasing by 14.1 percent, both year on year. Additionally, in the given period, the flat steel sales volumes of the company went up by two percent year on year to 5.9 million mt, while its long steel sales volumes fell by 10.0 percent year on year to 764,000 mt.

During the given period, the company exported 1.1 million mt of steel products, including about 1.1 million mt of flat steel and 67,000 mt of long steel, with exports accounting for 15 percent of total sales. In the given period, the steel producer exported flat products to 41 countries and long products to 12 countries.

Meanwhile, İsdemir plans to restart production gradually and in a controlled manner after works carried out at plants following earthquake are completed, as SteelOrbis previously reported.


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