In the first quarter of this year, Turkish rebar producer Izmir Demir Çelik Sanayi A.S. (IDC) has managed to quadruple its profit, on the back of increased steel production and sales, and with the contribution of higher steel prices.
Accordingly, IDC has said that its consolidated profit for the first quarter of 2011 totaled TRY 22.48 million ($14.05 million), climbing by 4.05 times year on year, compared to a profit of TRY 5.55 million in the first quarter of 2010. In the quarter in question, IDC's sales revenues improved by 89.28 percent year on year to TRY 396.2 million ($247.81 million).
In the first quarter of this year, IDC produced 316,280 mt of steel billets, up 40.04 percent, and 214,501 mt of rebar, up 56.24 percent, both compared to the corresponding period of 2010. In the quarter in question, the production capacity usage of the company's rolling mill was 95.33 percent, while its meltshop operated at 95.84 percent capacity, increasing by 34 percent and 27 percent respectively compared to the previous year.
In the given period, the company sold 8,974 metric tons of semi-finished products and 351,375 metric tons of finished products, while the company's finished steel exports amounted to 253,361 metric tons, rising by 80 percent year on year.