Turkish integrated steelmaker Erdemir has announced a net profit of TRY 437.3 million ($197.2 million) for the third quarter of the current year, increasing by 95.6 percent year on year, while the company's sales revenues amounted to TRY 2.95 billion ($1.33 billion) in the given quarter, up 37 percent compared to the corresponding quarter of 2013. The company's operating income in the third quarter this year increased by 64.8 percent year on year to TRY 576.9 million ($260.2 million).
During the first nine months of 2014, Erdemir's net profit saw an a year-on-year growth of 58 percent, reaching TRY 1.21 billion ($545.8 million). In the given period, the company's sales revenues totaled TRY 8.6 billion ($3.87 billion), rising 19.4 percent, while its operating income increased by 31.3 percent to TRY 1.56 billion ($703.8 million), both compared to the corresponding period of the previous year.
Regarding the operational results, during the first nine months of the current year crude steel production at Erdemir's Eregli works decreased slightly by 0.5 percent year on year to 2.78 million mt, while crude steel output at the producer's Iskenderun works increased by 9.5 percent year on year to 3.44 million mt.
In the given period, the flat steel output of Erdemir increased by 12.8 percent to 5.22 million mt, while the company's long steel output amounted to 819,000 mt, down 19.9 percent, both year on year. Additionally, Erdemir's flat steel sales volumes increased by 12.1 percent year on year to 5.23 million mt, while its long steel sales volumes decreased by 19.4 percent year on year to 848,000 mt.
Erdemir stated that, despite the economic slowdown in the European Union and the political disturbances in the Middle East, in the January-September period this year it exported 518,000 mt of flat steel products to over 30 countries, while its flat steel market share in Turkey is estimated to have increased to 39 percent.