Turkish rebar producer Izmir Demir Çelik Sanayi A.Ş. (IDC) has announced its financial results for the January-September period of 2011, posting a year-on-year increase in net profit.
Accordingly, IDC said that its consolidated net profit for the first nine months of the current year totaled TRY 37.6 million ($20.07 million), compared to a profit of TRY 13.2 million in the corresponding period of 2010. In the period in question, IDC's sales revenues improved by 50.5 percent year on year to TRY 1.05 billion ($563.05 million).
In the January-September period of the current year, IDC produced 915,784 mt of steel billets, up 13.7 percent, and 609,096 mt of rebar, up 19.41 percent, both compared to the corresponding period of 2010. In the same period, the production capacity usage of the company's rolling mill was 90.24 percent, while its meltshop operated at 92.50 percent capacity, increasing by 14.68 and 10.69 percentage points respectively compared to the previous year.
In the given period, IDC sold 25,356 metric tons of semi-finished products and 881,600 metric tons of finished products, while its finished steel exports amounted to 560,335 metric tons, rising by 47 percent year on year.