Turkey-based IDC posts net loss for 2020

Turkey-based IDC posts net loss for 2020

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Turkish rebar producer Izmir Demir Celik Sanayi A.Ş. (IDC) has announced its financial and operational results for 2020.

Accordingly, in 2020, IDC registered a net loss of TRY 462.52 million ($60.91 million), compared to a net loss of TRY 528.81 million in 2019. In the same period, the company’s sales revenues increased by 26.7 percent year on year to TRY 5.21 billion ($686.45 million), while it recorded an operating profit of TRY 348.19 million ($45.86 million) compared to an operating loss of TRY 35 million in the same period of the previous year.

IDC said that in 2020 its steel billet output increased by eight percent to 1.30 million mt, while its rebar production totaled 872,563 mt, rising by two percent, both year on year. Besides, 271,698 mt of rebar was also produced by the company’s contractual partners in the given period, with a year-on-year increase of 99 percent. In the given period, the company produced 250,333 mt of steel sections, up by two percent year on year.

In 2020, IDC’s finished steel sales increased by 15.2 percent to 1.41 million mt, while its export sales declined by 21 percent to 289,932 mt, both year on year.

The company said that during the first nine months of the year average finished steel prices on dollar basis fell on year-on-year basis, while prices on Turkish lira basis increased. The company also noted that the expected improvement in margins has been low amid the weakening of the lira, as its costs are mostly on dollar basis. The company also stated that its export sales revenues decreased by 31 percent year on year in 2020.

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