Steelmaker Erdemir Group’s earnings up 4% in Q1 2019

Turkey’s biggest steel producer, Erdemir Group, has reported earnings before interest, taxes, depreciation and amortization (Ebitda) for the first three months of 2019 of TRY1.733 billion ($291.3 million*).

This was up by 3.82% from TRY1.669 billion for the corresponding period in 2018. The group sold 1.888 million tonnes of flat steel products in January-March 2019, down by 2.53% from the 1.937 million tonnes sold in January-March 2018, it said last week. The three-month average of Fastmarkets’ price assessments for domestic HRC in Turkey was $530.58 per tonne ex-works in the first quarter of 2019. This compared with an average of $645.58 per tonne in January-March 2018. Steel prices were likely to remain stable in the coming months, according to market participants in Turkey, because of weak local demand. Even if the export market were to strengthen for flat steel, export demand would not be enough to take up the existing capacity in Turkey. Sales figures Of the group’s total flat steel sales in January-March 2019,...

Published

Serife Durmus

April 30, 2019

19:25 GMT

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