Turkey’s Erdemir Group posts increased net profit for 2016

Turkish integrated steelmaker Erdemir Group has announced a net profit of TRY 1.57 billion ($421.7 million) for 2016, increasing by 35 percent year on year, while the company's sales revenues amounted to TRY 11.63 billion ($3.12 billion), down 2.3 percent compared to the previous year. The company's operating income in 2016 increased by 32 percent year on year to TRY 2.1 billion ($564 million).

 

Regarding the operational results, in 2016 crude steel production at Erdemir Group's Eregli works increased by 4.7 percent year on year to 3.6 million mt, while crude steel output at the producer's Iskenderun works rose by 8.4 percent year on year to 5.58 million mt.

 

In the given year, the flat steel output of Erdemir Group decreased by 4.4 percent to 7.07 million mt, while the company's long steel output amounted to 1.57 million mt, up 0.6 percent, both year on year. Additionally, Erdemir Group's flat steel sales volumes declined by one percent year on year to 7.16 million mt, while its long steel sales volumes increased by 2.25 percent year on year to 1.58 million mt.

 

In 2016, Erdemir Group exported 1.08 million mt of steel products, including 889,000 mt of flat steel and 197,000 mt of long steel, accounting for nine percent of total sales. In the same year, Erdemir Group exported flat products to 39 countries and long products to 14 countries.