Turkish pipe producer Borusan Pipe posted a decline in first-half earnings for 2025, but delivered a strong recovery in the second quarter, according to its financial statement.
In H1 2025, net profit fell 26.4pct YoY to USD 14.9 mln, while revenue dropped 17.7pct YoY to USD 774.6 mln, pressured by weak export demand, intense price competition, and a 5.6pct decline in sales volumes to 585,000 tons. International markets contributed 82pct of revenue, led by the U.S. (68pct).
The company cited global uncertainty, shifting trade flows, and tariff-related disruptions as key challenges. Despite resilient demand in energy infrastructure, especially in Latin America and the Middle East, U.S. tariffs of 25-50pct raised import costs and favored domestic producers. In Turkey, tight monetary policy curbed demand, while inflation and currency pressures weighed on competitiveness.
In contrast, Q2 2025 results showed a sharp rebound. Net profit surged 170pct YoY to USD 22.8 mln, while revenue rose 11pct YoY to USD 455.5 mln. Sales volumes increased 24.4pct YoY to 326,000 tons. The recovery was supported by favorable pricing for OCTG products amid tariff uncertainty, higher volumes, cost-reduction measures, and lower financing expenses due to effective cash management and reduced debt.
Borusan expects the positive momentum to continue into Q3 2025 but warned that U.S. OCTG pricing is likely to normalize in Q4. The company is also monitoring potential changes in U.S. tariffs, while inflation and exchange rate pressures are expected to continue challenging Turkish operations.
The company maintained its 2025 guidance, forecasting sales volumes of 1.05-1.20 mln tons, revenue of USD 1.6-1.8 bln, and an EBITDA margin of 5-7pct.
Founded in 1958, Borusan Pipe is a global leader in welded steel pipe manufacturing, with 10 facilities across three continents and annual capacity of 1.7 mln tons. Its portfolio spans more than 4,000 product varieties, reinforcing its strong position in the global market.
