Turkish integrated long steel producer Kardemir Karabuk Demir Celik Sanayi ve Ticaret A.S. (Kardemir) has announced its financial results for the second quarter and the first half of 2012.
In the second quarter, Kardemir posted a net profit of TRY 64.08 million ($35.7 million), up 24.7 percent compared to the same quarter of the previous year. Sales revenues of the company increased by seven percent year on year to TRY 454 million ($253 million). The company registered an operating profit of TRY 80.72 million ($45 million) in the second quarter this year, up 26.7 percent year on year.
In the first six months of the current year, Kardemir registered a net profit of TRY 139.2 million ($77.6 million), up 42.1 percent compared to the corresponding period of the previous year. Kardemir's sales revenues in the given period reached TRY 869 million ($484.4 million), up 20.7 percent year on year, while the company posted an operating profit of TRY 143.5 million ($80 million), compared to an operating profit of TRY 108.12 million in the first half of 2011.
In the first half this year, Kardemir produced 370,050 mt of metallurgical coke - up 0.6 percent, 745,177 mt of crude steel - up 14.1 percent, and 67,541 mt of pig iron - increasing by 98 percent, all compared to the first half of the previous year. Meanwhile, in the period in question, the company's billet output totaled 527,054 mt, increasing by 10.3 percent, while its bloom output amounted to 201,632 mt, rising by 25.5 percent, both compared to the corresponding period of 2011.
During the given period, Kardemir's rebar output increased by 16 percent to 326,437 mt, its steel section production increased by 26.7 percent to 68,064 mt, while its rail product output totaled 51,962 mt - down 19.1 percent, all compared to the first half of the previous year.