Turkish steel producer Yükselen Çelik has announced its financial results for the first nine months of this year.
In the first nine months of the year, Yükselen Çelik achieved a net profit of TRY 11.71 million ($413,240), down by 90.4 percent compared to a net profit of TRY 122.61 million in the first nine months of the previous year. The company registered an operating profit of TRY 56.75 million ($2 million) in the given period, down by 74.8 percent year on year. Yükselen Çelik’s sales revenues decreased by 31.2 percent to TRY 743.29 million ($26.22 million) in the first nine months. The declines in the company’s financial results are due to high inflation, rising costs, lower demand and decreasing global steel prices.
In the January-September period, the company’s sales volume amounted to 22,316 mt, down by 50.2 percent year on year.
Yükselen Çelik stated that the annual steel processing capacity of its new plant, which was commissioned in Kocaeli in August, has reached 125,000 mt. The plant’s capacity may be increased further to annually 200,000 mt with new machinery and equipment.
For 2023, the company aims to increase its profitability by focusing on niche product groups with high added value.