Steel Orbis reported that Turkish integrated long steel producer Kardemir has announced its unaudited consolidated financial results for the Q3 and first 9 months of 2009.
According to the statement from Kardemir, consolidated net loss for the Q3 of the year totaled TRL 24.52 million as compared to a net profit of TRL 94.18 million in Q3 of 2008. On local currency basis, Kardemir's net loss in the given period declined 4.55% compared to the net loss recorded in the Q2 of 2009. In the Q3, Kardemir's sales revenues declined by 36.42% YoY to TRL 201.97 million while a QoQ increase of 2.19% was registered.
On the other hand, in the first 9 months of the current year Kardemir registered a net loss of TRL 71 million compared to a net profit of TRL 224.39 million in the corresponding period of 2008. In the period in question, Kardemir's sales revenues decreased by 29% YoY to TRL 603.94 million.
In the January to September period of 2009, Kardemir produced 471,850 tonne of metallurgical coke down 13.04%, 790,920 tonne of crude steel down 2.13% and 31,556 tonne of pig iron down 8.34% all compared to January to September 2008. Meanwhile, in the first 9 months of 2009, the company's billet output totaled 615,133 tonne increasing by 1.99% while its bloom output amounted to 187,654 tonne decreasing by 8.5% both compared to the corresponding period of 2008.
In the first 9 months of the current year, Kardemir's finished steel output declined by 10.9% YoY to 479,221 tonne with a 70.6% capacity utilization rate. In the period in question, Kardemir's rebar output declined by 1.75% reaching 377,993 tonne while its section production decreased by 50.7% to 53,641 tonne and its rail product output totaled 35,530 tonne down 0.67% all compared to the corresponding period of the previous year.
(Sourced from http://www.steelguru.com/news/index/2009/11/10/MTE5NjI1/Slowdown_signs_-_Japanese_construction_firms_remain_unpaid_for_work_in_Dubai.html)
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