In the Q1 of this year, Turkish rebar producer Izmir Demir Çelik Sanayi AS has managed to quadruple its profit, on the back of increased steel production and sales and with the contribution of higher steel prices.

Accordingly, IDC has said that its consolidated profit for the Q1 of 2011 totaled TRL 22.48 million climbing by 4.05 times YoY compared to a profit of TRL 5.55 million in the Q1 of 2010. In the quarter in question, IDC's sales revenues improved by 89.28% YoY to TRL 396.2 million.

In the Q1 of this year, IDC produced 316,280 tonnes of steel billets, up 40.04% and 214,501 tonnes of rebar up 56.24% both compared to the corresponding period of 2010. In the quarter in question, the production capacity usage of the company's rolling mill was 95.33% while its melt shop operated at 95.84% capacity increasing by 34% and 27% respectively compared to the previous year.

In the given period, the company sold 8,974 tonnes of semi finished products and 351,375 tonnes of finished products while the company's finished steel exports amounted to 253,361 tonnes rising by 80% YoY.

(Sourced from Steel Orbis)
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