Turkey’s leading steel producer, Erdemir Group, reported a net profit of TRY 11.28 bln (USD 329 mln) for the first nine months of 2024, a turnaround from a TRY 3.83 bln loss in the same period last year. Sales revenue also saw a significant boost, rising to TRY 148.95 bln (USD 4.34 bln) from TRY 101 bln YoY.
From January to September 2024, Erdemir Group’s crude steel output reached 6.6 mln tons, marking a 32pct YoY increase. The Eregli plant produced 2.6 mln tons, up 29pct YoY, while the Iskenderun plant produced 4 mln tons, up 35pct YoY. Crude steel capacity utilization surged to 92pct, up from 69pct in the same period last year, following the resumption of production at the Isdemir plant after an earthquake-related suspension in early 2023.
Flat steel output rose by 6.8pct YoY to 5.2 mln tons, while long steel production surged to 727,000 tons from 420,000 tons in the same period last year. Total flat steel sales reached 5.15 mln tons, a 7.3pct YoY increase, while long product sales rose to 707,000 tons from 410,000 tons in January-September 2023.
Domestic flat product sales dropped 8pct YoY to 4 mln tons, while domestic long product sales totaled 693,000 tons. During the period, Erdemir exported 1.196 mln tons of finished steel, including 1.182 mln tons of flat products to 31 countries and 14,000 tons of long products to 7 countries, with exports comprising 20pct of total sales. Additionally, Erdemir Group expanded its customer base, adding 30 new customers for flat products and 21 new customers for long products.
Erdemir Group’s main products include billet, slab, wire rod, hot rolled, cold rolled, and coated steel products.
1 USD / 34.2 TRY
