Bursa-based Turkish steelmaker Cemtas Celik Makina Sanayi ve Ticaret A.S (Cemtas) has announced its financial results for 2017.
Cemtas has reported a net profit of TRY 90.96 million ($23.93 million) for 2017, compared to a net profit of TRY 28.7 million recorded in 2016. In the given year, the sales revenues of the company amounted to TRY 456.46 million ($120.11 million), rising by 53.8 percent year on year, while its operating income was TRY 70.03 million ($18.61 million), increasing from an operating income of TRY 33.18 million in the previous year.
In 2017, Cemtas's steel billet output totaled 174,019 mt, increasing by 8.5 percent, while its rolled steel output rose by 7.5 percent to 162,211 mt, both compared to the previous year.
According to Cemtas, graphite electrode prices increased in the second half of the year, due to the shortage of supply and increased raw material (needle coke) prices, which also pushed up its steel costs. Cemtas expects the electrode shortage to continue in the current year. However, the company also stated that it believes that this year will be a successful year, like 2017, with its cost-cutting and productivity-enhancing investments.