Q4 Recovery Helps Kardemir Results for 2020
Karabük based Turkish steel maker Kardemir closed the year 2020 with TRY 7.52 billion net sales revenue, TRY 1.26 billion EBITDA and TRY 60.6 mllion
Karabük based Turkish steel maker Kardemir closed the year 2020 with TRY 7.52 billion net sales revenue, TRY 1.26 billion EBITDA and TRY 60.6 mllion consolidated net profit. In 2020, the company's sales revenues increased by 23.7% YoY. In terms of production figures, crude steel production increased by 11.5%YoY in 2020 to 2.50 million tonnes and final rolled product sales increased 5.7% YoY to 2.37 million tonnes.
Kardemor said “The negative impact of the Covid-19 epidemic in the world steel industry, especially since March, has left its place for company to recover from the 4th quarter of the year with the effect of the measures taken, and this quarter, compared to the first three quarters of the year, has a very positive picture in terms of both operational and financial terms. Kardemir's foreign exchange position deficit was significantly reduced with various transactions in 2020. During the epidemic process, all risks were closely monitored through committees established within the company, and occupational health and safety was prioritized. Basic indicators and expectations show that 2021 will be a better year. In this direction, we will continue to take firm steps towards our goals, with the maximum effort and support of all our internal and external stakeholders.”