Turkish integrated long steel producer Kardemir Karabuk Demir Celik Sanayi ve Ticaret A.S. (Kardemir) has announced its financial and operational results for the first quarter this year.
In the given quarter, Kardemir registered a net loss of TRY 831.97 million ($25.57 million), compared to a net loss of TRY 1.74 billion recorded in the same quarter last year. The company registered an operating loss of TRY 25.21 million ($774,626) in the first quarter this year, compared to an operating loss of TRY 990.47 million in the first quarter in 2023. Kardemir’s sales revenues decreased by 23.6 percent year on year to TRY 12.21 billion ($374.91 million).
In the first quarter, Kardemir’s consolidated EBITDA was TRY 1.46 billion ($44.78 million) while its EBITDA margin was recorded at 11.94 percent. Meanwhile, the company stated that its product sales volume amounted to 563,384 mt in the first quarter, falling by 7.7 percent year on year.
In the given quarter, Kardemir produced 598,203 mt of crude steel, down by 1.8 percent, while its pig iron production amounted to 551,780 mt, rising by 0.7 percent, both on year-on-year basis.