Turkey’s leading steel producer, Erdemir Group reported a net profit of TRY 10.389 bln (USD 308 mln) for H1 2024, reversing a loss of TRY 3.99 bln in the same period last year. The company’s sales revenue surged by 57.5pct YoY to TRY 100.218 bln (USD 2.97 bln).
This significant financial turnaround is attributed to a low base in Q1 2023 when earthquakes disrupted operations, particularly at the Isdemir facilities, leading to reduced capacity utilization and production. The earthquake on February 6, 2023, caused notable production interruptions.
In H1 2024, Erdemir Group’s crude steel output reached 4.44 mln tons, up 41pct YoY. The Eregli plant produced 1.76 mln tons, while the Iskenderun plant contributed 2.68 mln tons. The crude steel capacity utilization rate increased to 93pct, compared to 66pct in H1 2023, due to the prior year’s production suspension.
Flat steel output grew by 17.5pct YoY to 3.58 mln tons, and long steel production rose to 450,000 tons from 200,000 tons in H1 2023. Total flat steel sales were 3.49 mln tons, a 15.43pct increase YoY, while long product sales rose to 441,000 tons from 178,000 tons.
Domestic flat product sales increased by 1pct YoY to 2.8 mln tons, with domestic long product sales totaling 429,000 tons. Erdemir exported 738,000 tons of finished steel products in H1 2024, including 725,000 tons of flat products to 29 countries and 13,000 tons of long products to 5 countries. Export sales accounted for 19pct of total sales.
Erdemir Group’s main products include billet, slab, wire rod, hot rolled, cold rolled, and coated steel products.
1 USD / 33.7 TRY
