Turkey's largest steelmaking group Eregli Demir ve Celik Fabrikalari TAS (Erdemir) has announced its financial results for 2011, stating that it recorded the highest net profit since its foundation. The net profit of the company in 2011 amounted to more than TRY 1 billion (above $564 million), up 31 percent compared to 2010.
According to the consolidated financial results, Erdemir increased its sales revenues by 34 percent to TRY 8.92 billion ($5.33 billion) compared to the previous year. The company also increased its operating income by 53.8 percent year on year to TRY 1.72 billion. Erdemir increased its EBITDA by 43 percent year on year to TRY 2.03 billion ($1.21 billion) and its EBITDA margin for 2011 is reported as 23 percent.
Regarding the operational results, in 2011 crude steel production at Erdemir's Eregli works decreased by five percent from 2010 to 3.37 million mt, while crude steel output at the producer's Iskenderun works increased by 15 percent year on year to 4.1 million mt.
According to Erdemir's statement, in 2011 its finished steel output amounted to 6.9 million mt, including 6.1 million mt of flat steel and 794,000 mt of long steel, while its finished steel sales amounted to 6.6 million mt.