Turkey-based steel pipe producer Borusan Mannesmann has announced its financial results for the first nine months of this year. Accordingly, in the January-September period of this year, the company’s net income totaled TRY 48.42 million, compared to a net income of TRY 165.3 million recorded in the first nine months of 2018, while its revenues amounted to TRY 3.35 billion, increasing by 7.4 percent year on year.
In the January-September period of this year, the company’s premium quality steel pipe sales totaled 479,000 mt, decreasing by about 16 percent year on year. In the same period, its premium quality steel pipe exports totaled 323,000 mt, while shipments to international markets amounted to 67 percent of total sales. The company’s high value-added drilling pipe sales increased by nine percent year on year in the first nine months of the year, due to the ongoing recovery in the North American market, while the turnover from the sales of these products amounted to 48 percent of the turnover from the total sales of premium quality pipes.
In addition, in the same period the company’s pipe sales to the automotive industry were at satisfactory levels despite the slowdown in both the domestic market and the key global markets, according to Borusan Mannesmann. The turnover from sales to the automotive sector amounted to 17 percent of the turnover from premium quality product sales in the first nine months of the year.
As regards the spirally-welded pipe market, the company commented, “Despite the high demand from the US, the spirally-welded pipe market is facing severe hardships due to the safeguard measures. The fact that the US increased the duty on Turkish products to 50 percent between 2018 and May 2019, despite lowering it to 25 percent again later, is causing anxiety among customers due to the risks it contains. Furthermore, Europe’s implementing 25 percent duty for sales exceeding the quota is limiting export opportunities.”