Süleyman Savas Erdem, general manager of Turkish integrated steelmaker OYAK Mining and Metallurgy Group, has evaluated the financial results of the company for 2017, stating that the company ended the past year with a high performance thanks to the increase in its production capacity, efficient process management and sales strategy.
According to Mr. Erdem, the group continues its efforts to reduce Turkey’s dependency on steel imports and increase local production, in addition to meeting the increasing local demand for flat steel. In 2017, OYAK Mining and Metallurgy Group’s balance sheet size grew 12 percent year on year to $7.5 billion and it became one of the Turkish companies that increased its market value most in the given year.
Mr. Erdem also stated that the company has accelerated works for the construction of a new heat treatment facility for the production of high added-value steel, which is not produced yet in Turkey. With this facility, which will be a first for the Turkish steel industry and which is planned to be commissioned within two years, the group will have added high-strength and ware-resistant steel into its product range. The facility will complement Turkey's first and only steel plate plant.
Meanwhile, Omer Muzaffer Baktir, who has been serving as chairman of the board of directors at OYAK Mining and Metallurgy Group since January 2017, has handed over his responsibilities to Suleyman Savas Erdem.