Turkish rebar producer Izmir Demir Çelik Sanayi A.Ş. (IDC) has announced its financial results for the full year of 2017.
Accordingly, in 2017 IDC registered a net profit of TRY 9.35 million ($2.46 million), compared to a net loss of TRY 82.39 million in 2016. In the year in question, the company's sales revenues increased by 34.7 percent year on year to TRY 2.97 billion ($783.72 million). In the given year, IDC recorded an operating profit of TRY 119.17 million ($31.37 million), rising by 27.7 percent compared to the previous year.
IDC said that in 2017 its steel billet output increased by 0.5 percent to 1.326 million mt, while its rebar production amounted to 912,418 mt, falling by three percent, both year on year. Besides, 317,614 mt of rebar was also produced by the company's contractual partners in the given year, with a year-on-year decrease of seven percent. During the same year, the company produced 221,863 mt of steel sections at its medium section mill, down 10.6 percent year on year.
The company’s CEO Halil Sahin stated that the Turkish long steel market showed an annual growth of four percent in 2017, while IDC’s domestic sales increased by seven percent year on year, showing a higher growth compared to the domestic industry. Meanwhile, IDC’s export sales decreased in the given year in line with the decline in Turkey’s overall long steel exports, but the company is trying to minimize the decline in exports by focusing on the domestic market and alternative export markets, Mr. Sahin added.