Turkish integrated steelmaker Erdemir Group has announced a net profit of TRY 900.46 million ($253.88 million) for the second quarter this year, compared to a net profit of TRY 331.34 million recorded in the same period of 2016, while the company's sales revenues amounted to TRY 4.68 billion ($1.32 billion), up 75.5 percent compared to the corresponding quarter of the previous year. The company's operating income totaled TRY 1.06 billion ($299.93 million) rising from an operating income of TRY 407.3 million in the second quarter of the previous year.
During the first six months, Erdemir Group’s net profit amounted to TRY 1.83 billion ($516.41 million) compared to a net profit of TRY 499.43 million registered in the first half of 2016. The company’s sales revenues amounted to TRY 8.87 billion ($2.5 billion), up 69.2 percent year on year, while the operating profit amounted to TRY 2.23 billion ($630.28 million) compared to the operating profit of TRY 625.51 million in the same period of 2016.
Regarding the operational results, in the first half Erdemir Group produced 4.58 million mt of crude steel, up two percent, including 1.75 million mt of crude steel produced at the Eregli works, down three percent, and 2.83 million mt at the Iskenderun works, up four percent, all year on year.
In the first six months of this year, the flat steel output of Erdemir Group increased by 8.9 percent to 3.86 million mt, while the company's long steel output amounted to 627,000 mt, down 20.5 percent, both year on year. Additionally, Erdemir Group's flat steel sales volumes increased by 1.44 percent year on year to 3.72 million mt, while its long steel sales volumes declined by 17.7 percent year on year to 643,000 mt.
In the January-June period of this year, Erdemir Group exported 676,000 mt of steel products, including 561,000 mt of flat steel and 115,000 mt of long steel, accounting for 16 percent of total sales. The steel producer exports flat products to 35 countries and long products to 15 countries.
Meanwhile, the company stated that it has decided to start work on investment in a new heat treatment plant for the production of high-added value steels. With this new investment project, the company aims to produce high-strength and abrasion-resistant steel products.