Turkish rebar producer Izmir Demir Çelik Sanayi A.S. (IDC) announced its financial results for the first half of 2011, posting an 88.6 percent year on year increase in net profit.
Accordingly, IDC has said that its consolidated profit for the first six months of the current year totaled TRY 23.2 million ($13.2 million), climbing by 88.6 percent year on year, compared to a profit of TRY 12.3 million in the corresponding period of 2010. In the period in question, IDC's sales revenues improved by 36.2 percent year on year to TRY 653.4 million ($373.4 million).
In the first half of this year, IDC produced 567,213 mt of steel billets, up 9.82 percent, and 365,876 mt of rebar, up 17.33 percent, both compared to the corresponding period of 2010. In the same period, the production capacity usage of the company's rolling mill was 81.3 percent, while its meltshop operated at 85.9 percent capacity, increasing by 12.1 percent and 7.69 percent respectively compared to the previous year.
In the given period, the company sold 15,191 metric tons of semi-finished products and 573,771 metric tons of finished products, while the company's finished steel exports amounted to 381,196 metric tons, rising by 39.3 percent year on year.