Turkey’s Kardemir reduced sales by 4.4% y/y in 2024

Turkish steelmaker Kardemir reduced its total sales by 4.4% year-on-year – to 2.26 million tons in 2024. This is reported by Steel Orbis.

In particular, shipments of rolled steel products in 2024 fell by 11% y/y – to 1.34 million tons.

Last year, the company increased steel production by 4.8% y/y – to 2.51 million tons. Pig iron production increased by 5.6% to 2.3 million tons.

The company’s revenue last year decreased by 24.19% year-on-year – to TL 565 billion ($1.54 billion). The company reported a net loss of TL 3.03 billion ($83.04 million) for the period compared to a profit of TL 2.3 billion in 2023. EBIDTA in 2024 decreased by 9.3% to TL 4.31 billion.

Kardemir plans to invest $1.5 billion (46.2 billion Turkish liras) over the next five years, according to the company’s CEO Ismail Demir. The company has prepared strategic plans as part of its vision to promote national production and manufacture strategic products with high added value. Currently, steel production is at 2.5 million tons, and Kardemir aims to increase this figure to 3.5 million tons in a very short time.

The Turkish steelmaker also plans to participate in new initiatives in the rail and transportation sector, launching competitive products such as rails and wheels.