AT A GLANCE: Erdemir Group H1 earnings down on weak demand

A summary of the financial results for Turkey’s biggest steelmaking group Erdemir for the first half of 2019, between January 1 and June 30.

In brief Earnings were down due to the negative sentiment in Turkey from late 2018 into early 2019, especially after August when the country’s lira lost significant ground against the dollar, following the United States doubling the tariff imposed on Turkish steel imported into the US. The duty was reduced back to 25% on June 17, 2019, but the reduction did not help demand improve significantly. The Turkish currency was trading at TRY100 to $17.85 on August...

Published

Serife Durmus

August 15, 2019

12:45 GMT

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