Turkish rebar producer İzmir Demir Çelik Sanayi A.Ş. (IDC) has announced its financial and operational results for the first quarter this year.
Accordingly, in the given quarter the company registered a net loss of TRY 1.12 billion ($34.27 million), compared to a net profit of TRY 1.18 billion in the first quarter of 2023, while its sales revenues declined by 32.3 percent year on year to TRY 8.68 billion ($256.57 million). IDC also reported an operation loss of TRY 228.33 million ($7 million), compared to an operating profit of TRY 746.34 million in the same period of the previous year.
IDC said that in the first three months of the current year its steel billet output increased by one percent to 381,632 mt, while its rebar production totaled 227,450 mt, declining by 10.0 percent, both year on year. Besides, 95,555 mt of rebar was also produced by the company’s contractual partners in the given period, with a year-on-year increase of seven percent. In the given period, the company produced 77,239 mt of steel sections, up by 12.0 percent year on year.
In the first quarter, IDC’s finished steel sales went down by 10.0 percent to 377,962 mt, while its export sales fell by 37.0 percent to 52,779 mt, both year on year.