Turkish rebar producer Izmir Demir Celik Sanayi A.Ş. (IDC) has announced its financial results for the first nine months of 2020.
Accordingly, in the first nine months IDC registered a net loss of TRY 665.90 million ($84.52 million), compared to a net loss of TRY 376.77 million in the first nine months of 2019. In the same period, the company’s sales revenues increased by 12.4 percent year on year to TRY 3.49 billion ($444 million). In the given period, IDC recorded an operating profit of TRY 192.17 million ($24.39 million) compared to an operating loss of TRY 114.26 million in the same period of the previous year.
IDC said that in the first nine months of the current year its steel billet output increased by five percent to 945,354 mt, while its rebar production totaled 615,199 mt, falling by six percent, both year on year. Besides, 196,878 mt of rebar was also produced by the company’s contractual partners in the given period, with a year-on-year increase of 64 percent. In the given period, the company produced 177,260 mt of steel sections, down by one percent year on year.
In the first nine months this year, IDC’s finished steel sales increased by nine percent to one million mt, while its export sales declined by 10 percent to 245,081 mt, both year on year.
The company said that during the first nine months of the year average finished steel prices on dollar basis fell on year-on-year basis, while prices on Turkish lira basis increased. The company also noted that margins have not recovered amid the weakening of the lira, as its costs are mostly on dollar basis. The company also stated that its export sales revenues decreased by 10 percent year on year in the first nine months this year.