Turkish rebar producer İzmir Demir Çelik Sanayi A.Ş. (IDC) has announced its financial results for the first nine months of 2023.
Accordingly, in the first nine months IDC registered a net loss of TRY 741.1 million ($25.99 million), compared to a net profit of TRY 426.4 million in the first nine months of 2022. In the same period, the company’s sales revenues increased by 13.1 percent year on year to TRY 19.6 billion ($687.08 million). In the given period, IDC recorded an operating profit of TRY 2.18 billion ($76.41 million) compared to an operating profit of TRY 2.68 billion in the same period of the previous year.
IDC said that in the January-September period of the current year its steel billet output increased by four percent to 1.07 million mt, while its rebar production totaled 622,180 mt, falling by two percent, both year on year.
265,854 mt of rebar was also produced by the company’s contractual partners in the given period, with a year-on-year increase of four percent. In the given period, the company produced 200,810 mt of steel sections, down by one percent year on year.
In the first nine months of 2023, IDC’s finished steel sales decreased by seven percent to 1.02 million mt, while export sales fell by 14.0 percent to 201,130 mt, both year on year.
The company stated that during the first nine months of the year raw material and finished steel prices increased on average on year-on-year basis. IDC also noted that the ongoing rise in the exchange rate in the given period caused a 65.0 percent hike in financing costs.