Turkey's largest steelmaking group Eregli Demir ve Celik Fabrikalari TAS (Erdemir) has announced its financial results for the full year 2012.
In 2012, the net profit of the company amounted to TRY 424.18 million ($238.85 million), down 58 percent compared to a net profit of TRY 1 billion in 2011. The company's sales revenues in the given period decreased by 7.28 percent to TRY 9.57 billion ($5.4 billion), while its operating income decreased by 60.4 percent to TRY 682.67 million ($384.4 million), both compared to the previous year.
Regarding the operational results, during 2012 crude steel production at Erdemir's Eregli works decreased by four percent year on year to 3.23 million mt, due to relining works at blast furnace No. 2, while crude steel output at the producer's Iskenderun works increased by 12.9 percent year on year to 4.63 million mt.
In 2012, the finished steel output of Erdemir's Eregli works decreased by 3.7 percent to 3.63 million mt, while its Iskenderun works produced 3.87 million mt of finished steel, up 23.2 percent, both compared to 2011. Additionally, the finished steel sales volumes of both the Eregli and Iskenderun works increased in the given period, standing at 3.7 million mt and 3.8 million mt, respectively.
For the full year 2012, the total investment expenditures of the Eregli and Iskenderun works amounted to $151.5 million. The total investments for the previous year were $163.13 million.
According to Erdemir's statement, the company has started to receive orders for the cold slitting line of the new steel service center to be commissioned in Eregli. Oblique cutting and multiple cutting lines at the service center will start operations in the current quarter.