Turkish integrated long steel producer Kardemir Karabuk Demir Celik Sanayi ve Ticaret A.S. (Kardemir) has announced its financial and operational results for 2021.
In 2021, Kardemir posted a net profit of TRY 3.85 billion ($273.71 million) compared to a net profit of TRY 60.65 million in 2020. The company registered an operating profit of TRY 4.79 billion ($340.91 million) last year, compared to an operating profit of TRY 543.65 million in the previous year. Kardemir’s sales revenues increased by 96.3 percent year on year to TRY 14.76 billion ($1.04 billion).
In the given period, Kardemir produced 2.44 million mt of crude steel, down by 2.3 percent, while its pig iron production came to 2.23 million mt, down by 1.5 percent, both on year-on-year basis.
According to the statement, the company ended 2021 with the highest profitability in its history. In the given year, the company's EBITDA increased by 288 percent year on year to TRY 4.9 billion ($348.56 million). Kardemir stated that it accelerated its export sales as well as its domestic sales and continued its product development works for the production of value-added products. The company stated that it offers import substitution opportunities to the country with its rail and rail wheel production plants. Kardemir continues to invest in plants to increase production, including a converter capacity increase and blast furnace relining works.