AT A GLANCE: Erdemir Group January-September earnings down on weak demand

A summary of the financial results for Turkey’s largest steelmaking group, Erdemir, for nine months ended September 30 2019.

Earnings fell by 24.2% due to the negative sentiment in Turkey since late 2018, especially after the United States doubled the tariff imposed on Turkish steel imports in August last year, leading a sharp depreciation of the country’s lira against the dollar. The duty was reduced back to 25% on June 17 2019, but this did not improve demand significantly. The lira was trading at 100 to $17.2663 on September...

Published

Serife Durmus

October 28, 2019

17:23 GMT

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