Turkish rebar producer Izmir Demir Çelik Sanayi A.Ş. (IDC) has announced its financial results for the full year of 2016.
Accordingly, in 2016 IDC registered a net loss of TRY 82.39 million ($21.98 million), compared to a net loss of TRY 203.3 million in 2015. In the year in question, the company's sales revenues increased by 8.85 percent year on year to TRY 2.26 billion ($602.98 million). In the given year, IDC recorded an operating profit of TRY 93.32 million ($24.89 million), rising by 81.6 percent compared to the previous year.
IDC said that in 2016 its steel billet output increased by nine percent to 1.32 million mt, while its rebar production amounted to 941,265 mt, rising 10 percent, both year on year. Besides, 340,999 mt of rebar was also produced by the company's contractual partners in the given year, with a year-on-year increase of three percent. During the same year, the company produced 245,290 mt of steel sections at its medium section mill, down eight percent year on year.
The company’s CEO Halil Sahin stated that in 2016, despite the decreasing steel consumption and increasing imports in Turkey, the company expanded its market share by slightly increasing its domestic market sales.