Turkish steel manufacturer- Erdemir announced its Q3 CY ’20 results recently. As per the released data, production and sales volumes increased in Q3 except for the export volume that declined on hindrances in overseas trades.
The major findings from the quarterly report are as follows:
- Liquid steel output up by 20% q-o-q in Q3- The manufacturer produced 20% more of liquid steel in Q3 at 2.36 mn t compared with 1.97 mn t in the preceding quarter. Also, the same increased by 14% on an annual basis as against 2.07 mn t in Q3 CY ’19.
- Finished steel production up by 9% q-o-q in Q3- The finished steel production volume stood at 2.20 mn t in Q3 in comparison with 2.02 mn t in Q2 and grew by 10% on the year against 2.00 mn t in Q3 CY ’19.
- Exports sales slashed by 29% q-o-q in Q3- Increased competition from exporting countries like India, Russia and China offering at competitive prices in Southeast Asia and Middle East region weighed on the exports volume of the company. The exports figure dipped to 0.36 mn t in Q3 in contrast with 0.51 mn t a quarter ago. On the year, it increased by 10% as against 0.33 mn t in Q3 of the preceding year. Meanwhile, the EU Commission continues to keep its restrictive trade measures in place.
- Domestic sales grew both on a quarterly and annual basis in Q3- Domestic sales in Q3 accounted for 0.952 mn t, up by a significant 19% over 0.80 mn t in Q2, whereas reported a marginal 2% y-o-y increase against 0.93 mn t.
- EBIDTA grows by 27% q-o-q in Q3- The producer’s EBIDTA accounted for $261 million in Q3, significantly up by 27% over $ 205 million in Q2. On the year, the increase was computed at 10% as against $222 million in Q3 of the previous year.
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