Turkish rebar producer Izmir Demir Çelik Sanayi A.Ş. (IDC) has announced its financial results for 2014, stating that China's removal of its export tax rebate on boron-added steel products had a short-term positive effect, but failed to prevent a supply-demand imbalance, especially for long products in the long term. With weather conditions improving, higher domestic consumption will enable Turkish mills to have the upper hand in export markets. IDC believes that expectations for no further price decreases in international steel markets will support an increase in demand.
In 2014, IDC registered a net loss of TRY 25.8 million ($9.97 million), compared to a net loss of TRY 127 million in 2013. The company's sales revenues increased by 24.1 percent year on year to TRY 2.13 billion ($823.2 million). In the given period, IDC recorded an operating profit of TRY 45.8 million ($17.7 million), compared to an operating loss of TRY 61.4 million in the previous year.
IDC said that in 2014 its steel billet output decreased by 16 percent to 1.19 million mt, while its rebar production amounted to 809,552 mt, falling 16 percent, both year on year. Besides, 337,994 mt of rebar was also produced by the company's contractual partners in the given period, with a year-on-year growth of two percent. During the same period, the company produced 209,402 mt of steel sections at its medium section mill, up 43 percent year on year.