Turkish integrated long steel producer Kardemir Karabuk Demir Celik Sanayi ve Ticaret A.S. (Kardemir) has announced its financial results for the third quarter and the first nine months of the current year, posting a net profit of TRY 39.7 million ($17.6 million) in the third quarter, up 25 percent compared to the corresponding quarter of 2013. Sales revenues of the company increased by 21.9 percent year on year to TRY 564.5 million ($251 million). The company's operating profit rose by 3.2 percent year on year to TRY 82.1 million ($36.5 million).
In the first nine months of 2014, Kardemir's net profit indicated a significant increase to TRY 239.78 million ($106.6 million), from TRY 44 million in the first nine months of the previous year. The company's sales revenues increased by 26.7 percent year on year to TRY 1.64 billion ($729.3 million), while its operating profit increased to TRY 317.4 million ($141.1 million), compared to the operating profit of TRY 102.34 million in the first nine months of 2013.
In the January-September period this year, Kardemir produced 751,900 mt of metallurgical coke - up 38.9 percent, 1.4 million mt of crude steel - up 11.7 percent, and 4,912 mt of pig iron - decreasing by 85 percent, all on year-on-year basis. Meanwhile, in the period in question, the company's billet output totaled 486,719 mt, increasing by 13.2 percent, while its bloom output amounted to 84,920 mt, rising by 76.5 percent, both compared to the same period of the previous year.
Kardemir's rebar output in the first nine months this year increased by 6.26 percent to 489,094 mt, while its rail product output totaled 85,548 mt - down 42.9 percent, both compared to the first nine months of 2013. In the first nine months this year, Kardemir produced 177,281 mt of steel sections, rising by 89.3 percent year on year.