Turkish rebar producer Izmir Demir Çelik Sanayi AŞ has announced its financial results for the January to September period of 2011 posting YoY increase in net profit.

Accordingly, IDC said that its consolidated net profit for the first 9 months of the current year totaled TRL 37.6 million compared to a profit of TRL 13.2 million in the corresponding period of 2010. In the period in question, IDC's sales revenues improved by 50.5% YoY to TRL 1.05 billion.

In the January to September period of the current year, IDC produced 915,784 tonnes of steel billets up 13.7% and 609,096 tonnes of rebar up 19.41% both compared to the corresponding period of 2010. In the same period, the production capacity usage of the company's rolling mill was 90.24% while its meltshop operated at 92.50% capacity increasing by 14.68 and 10.69 percentage points respectively compared to the previous year.

In the given period, IDC sold 25,356 tonnes of semi finished products and 881,600 tonnes of finished products while its finished steel exports amounted to 560,335 tonnes rising by 47% YoY.

(Sourced from Steel Orbis)
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