Turkey's largest steelmaking group Eregli Demir ve Celik Fabrikalari TAS has announced its financial results for the Q2 and the H1 of 2012 reporting a decrease in its net profit for both periods.

In the Q2 the net profit of the company amounted to TRL 81.6 million down 72.2% YoY. The company's sales revenues in the given quarter increased by 7.32% to TRL 2.34 billion while its operating income decreased by 67.8% to TRL 156.2 million both compared to the corresponding period of the previous year.

In the first 6 months of the current year, Erdemir registered a net profit of TRL 205.65 million down by 63% compared to the same period of 2011. In the given period, its sales revenues amounted to TRL 4.78 billion increasing by13.4% while the operating income of the company decreased by 68.1% to TRL 270 million both year on year.

Regarding the operational results, in January to June 2012, crude steel production at Erdemir's Eregli works decreased by 13.4% YoY to 1.41 million tonne due to relining works in the blast furnace No 2 while crude steel output at the producer's Iskenderun works increased by 9.6% YoY to 2.22 million tonnes.

In the first 6 months, the finished steel output of its Eregli works decreased by 2.5% to 1.73 million tonnes while its Iskenderun works produced 2.17 million tonnes of finished steel up 35.7% both compared to the same period of the previous year. Additionally, the finished steel sales volumes of both the Eregli and Iskenderun works increased in the given quarter standing at 1.87 million tonnes and 2.14 million tonnes respectively.

For the first 6 months of the current year, the total investment expenditures of the Eregli and Iskenderun works amounted to USD 93.84 million. The total investments for the first 6 months of the previous year were USD 70.25 million

Source - Visit www.steelorbis.com for more

(www.steelguru.com)