Turkish Kardemir increased profit by 61% in the first half of 2022

Sales revenue grew 2.2 times in six months

The Turkish integrated producer of rolled products Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Kardemir) increased its net profit by 61.3% compared to the same period last year – up to 2.29 billion Turkish lira ($127.46 million) in January-June 2022. It is reported by SteelOrbis.

The company maintained the dynamics of financial growth, as in the results of the first quarter.

Kardemir’s operating profit reached 2.76 billion Turkish liras ($145.1 million) in the first half of 2022. This is 47% more than last year. Sales revenues for this period grew 2.2 times to 12.85 billion Turkish liras ($715.5 million).

In 6 months, the company produced 1.09 million tons of steel, which is 12.8% less than in the same period of 2021, and the output of pig iron reached 979.2 thousand tons (+14.7%). At the same time, the product sales volume in the first half of the year reached 1.02 million tons, decreasing by 12.9%.

As GMK Center reported earlier, in May Kardemir Çelik Sanayi A.Ş. announced the start of production at its new steel plant, investments in which began in 2020. The plant with an annual production capacity of 1.2 million tons of billets will produce high-quality steel billets with a diameter of up to 130-200 mm, and will also have closed casting production.

Turkey ranks seventh in the world in terms of steel production. According to World Steel, in 2021 the country increased its steel production by 13% compared to 2020 – up to 40.4 million tons.