Turkish specialty steel producer Asil Celik A.S. (Asil Celik) has announced its financial results for 2016.
Asil Celik has reported a net loss of TRY 24.43 million ($6.5 million) for 2016, compared to a net profit of TRY 16.2 million in the previous year. Sales revenues of the company decreased by 15.6 percent year on year to TRY 543.05 million ($144.4 million). The company registered an operating profit of TRY 17.8 million ($4.73 million) in the given period, down 50.6 percent year on year.
In the given period, Asil Celik registered an output of 191,193 mt at its large section mill, down 22 percent, while its medium section mill produced 179,732 mt of round bars, down 16 percent, both year on year. The company’s liquid steel production decreased by 14 percent year on year to 346,273 mt. In the same period, the company’s sales volume amounted to 283,399 mt, falling 16 percent compared to 2015.
Meawnhile, in 2016 Asil Celik upgraded its semi-continuous medium section mill to a continuous section mill, increasing its capacity from 40 mt/hour to 100 mt/hour. The large section mill was also modernized to produce round bars with a diameter of 300 mm compared 220 mm before modernization, with the annual production capacity increasing by 20 percent.
