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Borusan Mannesmann sees improved exports in Q3
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Saturday, 24 Nov 2012
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Turkey's leading steel pipe producer Borusan Mannesmann Boru has announced its financial results for the Q3 and the first 9 months of 2012.

In the Q3, the company's net profit declined by 75.7% to TRL 1.37 million compared to the same quarter of the previous year. Borusan Mannesmann increased its sales revenues in the given quarter this year to TRL 320.44 million up 7.3% while its operating profit declined to TRL 4.67 million down 72.7% both YoY.

In the first 9 months, Borusan Mannesmann registered a net profit of TRL 36.8 million down 21.5% YoY. The sales revenues of the company increased by 13.3% to TRL 1.06 billion while the operating profit was TRL 47.01 million down 34% both compared to the same period of the previous year.

In January to September of the current year, Borusan Mannesmann's steel pipe sales rose 6% YoY reaching 540,000 tonnes. Sales of high value added products, mainly pressure, special pipes and spiral pipes, accounted for 56% of total sales. In the Q3 of 2012, the company increased its export volume by 21% compared to the corresponding period of the previous year.

The company stated that the export potential of Borusan Mannesmann gives the company a competitive edge considering the shrinking domestic demand. In the first 9 months, exports accounted for 64% of the company's total sales. Borusan Mannesmann exports to over 40 countries in North America, North Africa, Europe and the Middle East.

Established in 1958, Borusan Mannesmann's annual steel pipe production capacity is 1,000,000 tonnes including 800,000 tonnes of longitudinal welded pipes and 200,000 tonnes of spiral welded pipes while its subsidiary in Vaborno, Italy can produce 28,000 tonnes per year of high value added cold drawn pipes tisinq.htm itomotive industry.

Source - Visit www.steelorbis.com for more

(www.steelguru.com)

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