The group reported earnings before interest, taxes, depreciation and amortization (Ebitda) for 2017 of TRY5.453 billion ($1.455 billion*). This was up by 101.91% from Ebitda of TRY2.701 billion ($720.47 million*) reported for 2016.
The average market price for hot-rolled coil (HRC) in 2017 was $542 per tonne, Erdemir said. Metal Bulletin’s yearly average price for HRC was $542.63-552.42 per tonne ex-works in 2017, compared with $440.67-452.25 per tonne ex-works in 2016.
The Turkish flat steel market uses US dollars for all its trading in raw materials, semi-finished materials and end-products. The Turkish lira is used only for a few small retail transactions.
But the resulting dependence on dollar-denominated raw material prices, and the global variations in commodity prices, cause fluctuations in the costs for steel-related sectors and in the demand for steel products, Erdemir said.
Erdemir believes the volatility in...