Turkey’s Kardemir releases financial and operational results for Jan-Sept

Turkish integrated long steel producer Kardemir has announced its unaudited consolidated financial results for the third quarter and first nine months of 2009.
 
According to the statement from Kardemir, the company's consolidated net loss for the third quarter of the year totaled TRY 24.52 million ($16.59 million), compared to a net profit of TRY 94.18 million in Q3 2008. On local currency basis, Kardemir's net loss in the given period declined 4.55 percent compared to the net loss recorded in the second quarter of this year. In the third quarter, Kardemir's sales revenues declined by 36.42 percent year on year to TRY 201.97 million ($136.65 million), while a quarter-on-quarter increase of 2.19 percent was registered.
 
On the other hand, in the first nine months of the current year Kardemir registered a net loss of TRY 71 million ($48.03 million), compared to a net profit of TRY 224.39 million in the corresponding period of 2008. In the period in question, Kardemir's sales revenues decreased by 29 percent year on year to TRY 603.94 million ($408.63 million).
 
As of September 30 this year, the company's short-term liabilities amounted to TRY 240.88 million ($162.98 million), while its long-term liabilities totaled TRY 183.28 million ($123.98 million).
 
In the January-September period of 2009, Kardemir produced 471,850 mt of metallurgical coke - down 13.04 percent, 790,920 mt of crude steel - down 2.13 percent, and 31,556 mt of pig iron - down 8.34 percent, all compared to Jan-Sept 2008. Meanwhile, in the first nine months of this year, the company's billet output totaled 615,133 mt, increasing by 1.99 percent, while its bloom output amounted to 187,654 mt, decreasing by 8.5 percent, both compared to the corresponding period of 2008.
 
In the first nine months of the current year, Kardemir's finished steel output declined by 10.9 percent year on year to 479,221 mt, with a 70.6 percent capacity utilization rate. In the period in question, Kardemir's rebar output declined by 1.75 percent reaching 377,993 mt, while its section production decreased by 50.7 percent to 53,641 mt, and its rail product output totaled 35,530 mt - down 0.67 percent, all compared to the corresponding period of the previous year.
 
Kardemir has one million mt of annual crude steel production capacity, 120,000 mt of pig iron output capacity and 900,000 mt of annual finished steel production capacity.