Turkish integrated steelmaker OYAK Mining and Metallurgy Group has announced its financial and operational results for the first nine months of the current year.
The company has reported a net profit of TRY 11.28 billion ($350.19 million) for the first nine months this year, compared to a net loss of TRY 3.83 billion in the same period of last year, while the company’s sales revenues amounted to TRY 148.95 billion ($4.62 billion), up by 47.4 percent year on year. The company’s operating income in the first three quarters amounted to TRY 15.85 billion ($492.14 million), compared to an operating income of TRY 9.69 billion in the first nine months of the previous year.
Regarding the operational results, in the given period OYAK Mining and Metallurgy Group produced 6.6 million mt of crude steel, up 32.0 percent due to the easing of the effects of the earthquake which reduced production sharply in February 2023, including 2.6 million mt of crude steel produced at the Eregli works, up by 29.0 percent, and 4.0 million mt at the Iskenderun works, increasing by 35.0 percent, all year on year.
In the first nine months this year, the flat steel output of OYAK Mining and Metallurgy Group increased by 6.8 percent to 5.20 million mt, while the company’s long steel output amounted to 727,000 mt, growing by 73.1 percent, both year on year. Additionally, in the given period, the flat steel sales volumes of the company went up by 7.3 percent year on year to 5.15 million mt, while its long steel sales volumes increased by 72.4 percent year on year to 707,000 mt.