Turkish integrated steelmaker OYAK Mining and Metallurgy Group has announced a net profit of TRY 3.89 billion ($1.03 billion) for 2017, compared to a net profit of TRY 1.57 billion recorded in 2016, while the company's sales revenues amounted to TRY 18.64 billion ($4.95 billion), up 60.2 percent compared to the previous year. The company's operating income in 2017 increased by 129.7 percent year on year to TRY 4.83 billion ($1.28 billion).
Regarding the operational results, in 2017 crude steel production at OYAK Mining and Metallurgy Group's Eregli works decreased by one percent year on year to 3.56 million mt, while crude steel output at the producer's Iskenderun works rose by one percent year on year to 5.63 million mt.
In the given year, the flat steel output of OYAK Mining and Metallurgy Group increased by nine percent to 7.71 million mt, while the company's long steel output amounted to 1.32 million mt, down 15.5 percent, both year on year. Additionally, OYAK Mining and Metallurgy Group's flat steel sales volumes rose by six percent year on year to 7.59 million mt, while its long steel sales volumes declined by 5.6 percent year on year to 2.05 million mt.
In 2017, OYAK Mining and Metallurgy Group exported 1.19 million mt of steel products, including 1.04 million mt of flat steel and 159,000 mt of long steel, accounting for 13 percent of total sales. In the same year, Erdemir Group exported flat products to 36 countries and long products to 19 countries.
The company stated that, as a result of its customer-oriented approach, it gained a total of 49 new customers in 2017, 16 of which are from the long steel industry and 33 of which are from the flat steel industry.