Turkish rebar producer Izmir Demir Çelik Sanayi AS has announced its operational and financial results for the Q1 of 2010.

According to the statement from IDC, the company's consolidated profit for the Q1 of 2010 totaled TRL 5.55 million compared to a net profit of TRL 14.93 million in Q1 2009. In the quarter in question, IDC's sales revenues improved by 11.23% YoY to TRL 209.32 million. Its export sales accounted for 56.89% of its total sales in value.

In the first 3 months of 2010, IDC produced 225,852 tonnes of steel billets down 6.12% and 137,288 tonnes of rebar down 21.54% both compared to the corresponding period of 2009. In the quarter in question, the production capacity usage of the company's rolling mill was 61.02% while its melt shop operated at 68.44% capacity decreasing by 16.75% and 4.47% respectively compared to the previous year.

In the given period, the company sold 28,938% tonnes of semi finished products and 232,039 tonnes of finished products while the company's total exports amounted to 140,901 tonnes down 25.81% YoY.

IDC stated that in the Q1 of 2010, its crude steel output accounted for 3.72% of Turkey's total crude steel output while it had a share of 5.71% in the countries production using electric arc furnaces.

Regarding the 2010 outlook, IDC said that it expects demand from the Middle East, Gulf and North Africa to continue to be relatively higher compared to other markets. The company also foresees that local demand will rise, that the US steel market will improve and US market will once again become an important market for Turkish steel products.

(Sourced from Steel Orbis)