Turkish integrated steelmaker OYAK Mining and Metallurgy Group has announced its financial and operational results for the first half this year.
The company reported a net loss of TRY 3.98 billion ($181.5 million) for the first half this year, compared to a net profit of TRY 12.75 billion in the same half last year, while the company’s sales revenues amounted to TRY 63.62 billion ($2.89 billion), down by 0.3 percent year on year. The company’s operating income in the first half amounted to TRY 3.66 billion ($166.74 million), compared to an operating income of TRY 18.9 billion in the first half of the previous year.
Regarding the operational results, in the given period OYAK Mining and Metallurgy Group produced 3.2 million mt of crude steel, decreasing by 21.9 percent due to production suspension at Isdemir’s plants as a result of the earthquakes in February this year, including 1.55 million mt of crude steel produced at the Eregli works, rising by four percent, and 1.59 million mt at the Iskenderun works, falling by 39.0 percent, all year on year.
In the first half this year, the flat steel output of OYAK Mining and Metallurgy Group decreased by 19.5 percent to 3.05 million mt, while the company’s long steel output amounted to 200,000 mt, decreasing by 58.2 percent, both year on year. Additionally, in the given period, the flat steel sales volumes of the company went down by 13.1 percent year on year to 3.02 million mt, while its long steel sales volumes fell by 61.2 percent year on year to 178,000 mt.
During the given period, the company’s liquid steel and crude steel capacity utilization rates decreased from 87 percent and 86 percent respectively in the first half last year to 67 percent and 66 percent, respectively.