Moody’s lowers Erdemir Group rating despite higher production, earnings

Ratings agency Moody’s has decreased its credit rating for Turkish steelmaker Erdemir Group to Ba3 from Ba2, and described its outlook as negative, Erdemir said on Wednesday August 28.

The Turkish group has capacity for more than 9 million tonnes per year of crude steel production at its two major assets, Erdemir in northern Turkey and Isdemir in the south. It used 98% of this capacity in January-June 2018, compared with 97% in the corresponding period of 2017, the company said on August 17.
The group is planning to add two new blast furnaces.

Published

Serife Durmus

August 29, 2018

17:38 GMT

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