Turkish rebar producer İzmir Demir Çelik Sanayi A.Ş. (IDC) has announced its financial and operational results for the first half of 2023.
Accordingly, in the first half IDC registered a net loss of TRY 1.09 billion ($40.44 million), compared to a net profit of TRY 207.93 million in the first half of 2022. In the same period, the company’s sales revenues increased by 16.6 percent year on year to TRY 12.85 billion ($474.18 million). In the given period, IDC recorded an operating profit of TRY 1.31 billion ($48.26 million), compared to an operating profit of TRY 1.65 billion in the same period of the previous year.
IDC said that in the first six months of the current year its steel billet output increased by 2.4 percent to 717,290 mt, while its rebar production totaled 476,280 mt, rising by 2.7 percent, both year on year. Besides, 174,760 mt of rebar was also produced by the company’s contractual partners in the given period, with a year-on-year increase of two percent. In the given period, the company produced 136,942 mt of steel sections, down by 0.4 percent year on year.
In the first half, IDC’s finished steel sales decreased by 4.4 percent to 727,213 mt, while export sales fell by 27.6 percent to 150,022 mt, both year on year.
The company said that during the first half of the year raw material and finished steel prices increased on average on year-on-year basis. The company also noted that the continuing rise in the exchange rate in the given period caused a 99 percent increase in financial expenses.