Turkish steelmaker Kardemir’s crude steel production climbed by 11.6pc to 2.5mn mt in 2020 against the same period last year while its pig iron output rose by 10.1pc to 2.27mn mt in the same time frame. The company’s sales volume increased by 5.8pc to 2.37mn mt in 2020 compared to a year ago.
The steelmaker indicated in its earnings report on Tuesday that much of the rebound within the year was in Q4 2020 as the global economy recovered from the impact of the COVID-19 pandemic.
Kardemir’s sales revenue rose by 23.8pc in 2020 to TRY7.5bn ($1.2bn) compared to 2019. The company doubled its operating profit to
TRY543.7mn in 2020 compared to TRY247.3mn in the previous year, though its net profit fell by 24.8pc to TRY60.7mn from TRY80.6mn during the same period.
The company’s consolidated EBITDA also doubled to TRY1.26bn in 2020 against TRY666mn in 2019. The EBITDA margin rose to 16.8pc in 2020 compared to 11pc in 2019.
Kardemir is a Turkish integrated long steel producer with strong domestic market share and export sales.