Turkish integrated steelmaker OYAK Mining and Metallurgy Group has announced its financial and operational results for the first quarter of this year.
The company has posted a net profit of TRY 5.83 billion ($419.26 million) for the first quarter of 2022, compared to a net profit of TRY 2.71 billion ($368.2 million) in the same period last year, while the company’s sales revenues amounted to TRY 29.2 billion ($2.1 billion), up 179.1 percent year on year. The company’s operating income in the given quarter amounted to TRY 8.87 billion ($638.04 million), compared to an operating income of TRY 3.47 billion ($471.03 million) in the first quarter of 2021.
Regarding the operational results, in the given period OYAK Mining and Metallurgy Group produced 1.99 million mt of crude steel, decreasing by 14 percent, including 654,000 mt of crude steel produced at the Ereğli works, falling by 26 percent, and 1.33 million mt at the Iskenderun works, falling by six percent, all year on year.
In the first quarter, the flat steel output of OYAK Mining and Metallurgy Group decreased by 0.3 percent to 1.80 million mt, while the company’s long steel output amounted to 275,000 mt, increasing by 32.2 percent, both year on year. Additionally, in the given period, the flat steel sales volumes of the company went down by 4.5 percent year on year to 1.72 million mt, while its long steel sales volumes rose by 25.8 percent year on year to 258,000 mt.
During the given period, the company exported 326,000 mt of steel products, including 292,000 mt of flat steel and 34,000 mt of long steel, with exports accounting for 16 percent of total sales. In the given period, the steel producer exported flat products to 30 countries and long products to 6 countries.