Strong demand, prices support Erdemir’s sales and profit

Globally strong demand and prices supported the output and sales of Turkey’s largest integrated steelmaker, Erdemir, in the first quarter, while the company’s profit soared.

Erdemir sold 1.81 million mt of flat products in Q1, up from 1.66 million mt sold in Q1 2020.

While the group’s flats sales to the domestic market were up by 9% in the period to 1.6 million mt, its total long product sales to the domestic market fell 23% on the year to 205,000 mt. Erdemir Group exported 213,000 mt of steel in Q1.

The group’s crude steel output totaled 2.31 million mt in January-March, up 3% on year. The group produced 889,000 mt of crude steel at its Eregli steelworks in Q1, down 6% year on year, while its larger Iskenderun works (Isdemir) produced 1.42 million mt, up by 8% on year.

The group’s Q1 revenue reached Lira 10.5 billion ($1.3 billion), up 64% on year, while the company’s income totaled Lira 2.62 billion, up from Lira 300 million registered in the same period the previous year.

The company’s Eregli steelworks produces hot-rolled, cold-rolled and galvanized coils, plate and tinplate, while Isdemir produces billet, wire rod and hot-rolled coils with a total crude steel production capacity of 9.1 million mt/year.

— Cenk Can