Turkey's largest steelmaking group Eregli Demir ve Celik Fabrikalari TAS (Erdemir) has announced its financial results for the first quarter of 2013.
In the first quarter, the net profit of the company amounted to TRY 228.25 million ($125.6 million), up 84.14 percent compared to the first quarter of the previous year. The company's sales revenues in the given period remained almost unchanged compared to the corresponding quarter of 2012, standing at TRY 2.42 billion ($1.33 billion), while its operating income was TRY 320.07 million ($176.2 million), compared to TRY 118.81 million in the first quarter of the previous year.
Regarding the operational results, during the first three months crude steel production at Erdemir's Eregli works increased by 8.2 percent year on year to 900,000 mt, while crude steel output at the producer's Iskenderun works increased by 9.3 percent year on year to 1.3 million mt.
In the given quarter, the flat steel output of Erdemir increased by 6.24 percent to 1.6 million mt, while the company's long steel output amounted to 445,000 mt, up 60.1 percent, both compared to the corresponding quarter of 2012. Additionally, the flat and long steel sales volumes of Erdemir increased in the given period, standing at 1.57 million mt and 456,000 mt, respectively.
For the first quarter, the total investment expenditures of the Eregli and Iskenderun works amounted to $15.83 million. The total investments for the first quarter of the previous year were $48.27 million.
According to Erdemir's statement, the cold slitting line of the new steel service center in Eregli has been commissioned and started production. During relining works at blast furnace No. 2 , the company completed most of the investments carried out in the meltshop and the continuous casting units.