SeeNews reported that Turkish steel manufacturer Cemtas Celik Makina Sanayi Ve Ticaret AS said that its non-consolidates net profit soared to TRY 138.8 million (USD 19.7 million) in 2020 up from TRY 56.4 million in 2019. The company's revenue rose to TRY 788.3 million in 2020 as compared to TRY 693.0 million in 2019. Cemtas' gross profit from commercial operations in 2020 jumped to TRY 142.4 million from TRY 89.4 million in 2019. The company's cost of sales increased to TRY 645.8 million in 2020 from TRY 603.6 million in 2019.
Established in 1970, Cemtas is the second-largest producer of alloyed bar steels in Turkey and supplies the European automotive industry, exporting around 60 percent of its products. The company has its own steel production and rolling capacities at the Bursa location. It produces structural, case-hardened, heat-treated and spring steels, as well as micro alloyed grades, stainless steel, machining and boron steels.