Turkish integrated steelmaker OYAK Mining and Metallurgy Group has announced its financial and operational results for the first quarter this year.
The company has reported a net profit of TRY 447.90 million ($12.38 million) for the first quarter, compared to a net profit of TRY 5.85 billion in the same period last year, while the company’s sales revenues amounted to TRY 53.54 billion ($1.48 billion), up by 7.6 percent year on year. The company’s operating income in the given quarter amounted to TRY 1.89 billion ($52.45 million), compared to an operating income of TRY 8.81 billion in the same period of the previous year.
Regarding the operational results, in the given period OYAK Mining and Metallurgy Group produced 1.9 million mt of crude steel, decreasing by 15.9 percent, including 500,000 mt of crude steel produced at the Eregli works, and 1.4 million mt at the Iskenderun works.
In the first quarter, the flat steel output of OYAK Mining and Metallurgy Group decreased by 7.7 percent to 1.69 million mt, while the company’s long steel output amounted to 200,000 mt, dropping by 25.4 percent, both year on year. Additionally, in the given period, the flat steel sales volumes of the company went up by 1.2 percent year on year to 1.73 million mt, while its long steel sales volumes dropped by 31.2 percent year on year to 176,000 mt.