Turkish integrated steelmaker OYAK Mining and Metallurgy Group has announced its financial and operational results for the first half of 2026.
The group recorded a net profit of TRY 9.22 billion ($197.96 million) in the given period, rising sharply from TRY 1.82 billion ($39.08 million) in the same period of 2025, while its sales revenues increased by 31.2 percent year on year to TRY 124.57 billion ($2.67 billion). Its operating profit rose by 40.1 percent to TRY 5.24 billion ($112.51 million), while its EBITDA increased by 54.1 percent to TRY 12.51 billion ($268.60 million).
In the first half, the group produced 4.6 million mt of crude steel, including 1.8 million mt at its Ereğli facilities and 2.8 million mt at its İskenderun facilities, accounting for 23 percent of Turkey's total crude steel production. Its flat steel output increased by 16.7 percent year on year to 3.82 million mt, while its long steel output rose by 35.8 percent to 497,000 mt.
Meanwhile, the group's flat steel sales increased by 13.4 percent year on year to 3.75 million mt and its long steel sales rose by 34.6 percent to 494,000 mt, with exports representing 14 percent of total sales. Its liquid steel and crude steel capacity utilization rates improved to 97 percent and 95 percent, respectively, compared to 78 percent and 77 percent in the first half of 2025.
OYAK Mining Metallurgy subsidiary Erdemir recorded a net profit of $201 million in the first half of 2026, up from $46 million in the same period of 2025. Revenue increased by 10.4 percent year on year to $2.80 billion, while the company maintained an EBITDA margin of 10 percent. Crude steel capacity utilization reached 95 percent, with production rising to 4.3 million mt and sales reaching 4.2 million mt, 14.2 percent of which consisted of direct exports.
Erdemir attributed the improvement to production discipline, operational efficiency and its smart manufacturing investments. The company is integrating artificial intelligence, advanced data analytics and digital-twin technology into its operations to optimize costs. It is also supplying steel for strategic defense projects, including the Altay tank and Türkiye's national aircraft carrier, while continuing renewable-energy and energy-efficiency investments as part of its transition toward low-carbon steel production.
