Turkish integrated steelmaker OYAK Mining and Metallurgy Group has announced its financial and operational results for the first quarter this year.
The company reported a net profit of TRY 65.92 million ($3.49 million) for the first quarter, compared to a net profit of TRY 5.82 billion in the same period last year, while the company’s sales revenues amounted to TRY 26.27 billion ($1.39 billion), down by 10 percent year on year. The company’s operating income in the given quarter amounted to TRY 435.98 million ($23.12 million), compared to an operating income of TRY 8.87 billion in the same period of the previous year.
Regarding the operational results, in the given period OYAK Mining and Metallurgy Group produced 1.2 million mt of crude steel, decreasing by 39.6 percent due to the effects of the February 6 earthquakes, including 771,000 mt of crude steel produced at the Eregli works, and 423,000 mt at the Iskenderun works.
In the first quarter, the flat steel output of OYAK Mining and Metallurgy Group decreased by 25.7 percent to 1.34 million mt, while the company’s long steel output amounted to 60,000 mt, decreasing by 78.1 percent, both year on year. Additionally, in the given period, the flat steel sales volumes of the company went down by 14.3 percent year on year to 1.47 million mt, while its long steel sales volumes fell by 70.5 percent year on year to 76,000 mt.
During the given period, the company exported 126,000 mt of finished steel to 27 countries.
Meanwhile, at the end of April, Isdemir resumed production gradually and in a controlled manner, reaching pre-earthquake production levels, as SteelOrbis previously reported.