Turkish rebar producer Izmir Demir Celik Sanayi AS has said that the signs of revival in North African markets, primarily in Egypt and Libya in terms of steel demand along with the recovery in the US and Canadian domestic markets have raised hopes for Turkey's steel export performance in the last quarter of this year.
Announcing its production and financial results for the January to September period of this year, IDC has said that in the given period it increased both its steel billet and rebar production by 17.5% and 16.38% respectively on YoY basis with its steel billet output reaching 1,075,694 tonnes and its rebar production increasing to 708,847 tonnes. Besides, 247,105 tonnes of rebar was also produced by the company's contractual partners in the given period.
In the January to September period, IDC recorded a 12% YoY increase in its finished steel sales amounting to 989,340 tonnes while its steel billet sales totaled 46,012 tonnes. In the meantime, in the first 9 months of this year, IDC's finished steel exports reached 721,964 tonnes rising by 29% as compared to January to September 2011. The company's exports accounted for 73% of its total production.
Despite its increased production and sales revenue in the given period, the company recorded an operating loss of about TRL 15 million, compared to an operating profit of TRL 55.34 million for the same period last year, due to its narrower profit margin since its productions costs dropped later than its sales prices. The company's sales revenues totaled TRL 1.25 billion in the first 9 months of this year up by 18% YoY.