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Turkey’s leading steel producer, Erdemir Group, reported a net profit of TRY 14.19 bln (USD 391.6 mln) in 2024, more than tripling from TRY 4.32 bln in 2023. Sales revenue also saw strong growth, rising to TRY 204 bln (USD 5.63 bln) from TRY 147 bln YoY.
The group’s crude steel output increased by 19pct YoY to 8.5 mln tons. Production at the Eregli plant rose 15pct to 3.2 mln tons, while the Iskenderun plant saw a 21.5pct increase to 5.3 mln tons. Crude steel capacity utilization improved significantly to 89pct, up from 75pct in 2023, largely due to the resumption of operations following earthquake-related disruptions in early 2023.
Flat steel production rose 6.2pct YoY to 7.12 mln tons, while long steel output surged to 965,000 tons from 652,000 tons in 2023.
Erdemir exported 1.54 mln tons of finished products, including 1.526 mln tons of flat steel and 14,000 tons of long products, accounting for 19pct of total sales. The company shipped flat steel to 35 countries and long products to 7 countries.
1 USD / 36.2 TRY
