Turkish rebar producer İzmir Demir Çelik Sanayi A.Ş. (IDC) has announced its financial results for 2021.
Accordingly, in 2021 IDC registered a net loss of TRY 782.51 million ($52.35 million), compared to a net loss of TRY 462.52 million in 2020. In the same period, the company’s sales revenues increased by 107.6 percent year on year to TRY 10.82 billion ($723.95 million). In the given period, IDC recorded an operating profit of TRY 1.17 billion ($78.47 million), compared to an operating profit of TRY 348.19 million in the previous year.
IDC said that last year its steel billet output increased by 15.8 percent to 1.50 million mt, while its rebar production totaled 986,058 mt, rising by 13.0 percent, both year on year. Besides, 338,344 mt of rebar was also produced by the company’s contractual partners in the given period, with a year-on-year increase of 24.5 percent. In the given period, the company produced 300,576 mt of steel sections, up by 20.0 percent year on year.
In 2021, IDC’s finished steel sales increased by 13.4 percent to 1.59 million mt, while its export sales rose by 53.9 percent to 446,249 mt, both year on year.
The company statement said that during the first half of the year raw material and finished steel prices increased on average on year-on-year basis. The company also noted that the continuing rise in the exchange rate in the given period caused it to incur a financial loss.