Turkey’s OYAK Mining Metallurgy Group sees lower net profit and output in 2023

Monday, 26 February 2024 13:54:08 (GMT+3)   |   Istanbul
       

Turkish integrated steelmaker OYAK Mining and Metallurgy Group has announced its financial and operational results for 2023.

The company reported a net profit of TRY 4.33 billion ($182.59 million) for the full year, compared to a net profit of TRY 18.65 billion in 2022, while the company’s sales revenues amounted to TRY 147.89 billion ($6.23 billion), up by 15.7 percent year on year. The company’s operating income in 2023 amounted to TRY 13.33 billion ($562.43 million), compared to an operating income of TRY 23.57 billion in the previous year.

Regarding the operational results, in the given period OYAK Mining and Metallurgy Group produced 7.2 million mt of crude steel, decreasing by 7.7 percent due to the impact of the suspension of production at the Iskenderun works amid the due diligence following the earthquakes in February 2023, including 2.8 million mt of crude steel produced at the Eregli works, falling by 10.2 percent, and 4.4 million mt at the Iskenderun works, falling by 5.5 percent, all year on year.

In the full year, the flat steel output of OYAK Mining and Metallurgy Group decreased by 4.8 percent to 6.7 million mt, while the company’s long steel output amounted to 652,000 mt, decreasing by 11.4 percent, both year on year. Additionally, in the given period, the flat steel sales volumes of the company went down by 4.5 percent year on year to 6.68 million mt, while its long steel sales volumes fell by 15.0 percent year on year to 649,000 mt.

During the given period, the company exported 802,000 mt of steel products, including about 753,000 mt of flat steel and 49,000 mt of long steel, with exports accounting for 11 percent of total sales. In the given period, the steel producer exported flat products to 33 countries and long products to nine countries.


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