Turkish rebar producer Izmir Demir elik Sanayi A. (IDC) has announced its financial results for 2013, stating that the challenges regarding the supply and demand balance continued in the last quarter of 2013 due to overcapacity. IDC pointed out that the global steel consumption in 2014 is expected to grow by 3.3 percent, European steel consumption is expected to increase by 2.1 percent and US steel consumption by three percent. This increase in steel consumption is expected to be reflected positively in the supply-demand balance and drive a revival in Turkey's steel exports to the EU, along with a significant increase in prices as well.
In 2013, IDC registered a net loss of TRY 127 million ($57.2 million), widening from a net loss of TRY 10.09 million in the previous year. The company's sales revenues increased by four percent year on year to TRY 1.72 billion ($775.8 million). In the given period, IDC recorded an operating loss of TRY 61.04 million ($27.5 million), compared to an operating loss of TRY 46.01 million in 2012.
IDC said that in 2013 its steel billet output decreased by a slight margin of 0.51 percent to 1,424,298 mt, while its rebar production reached 963,080 mt, increasing by 2.67 percent, both year on year. Besides, 330,717 mt of rebar was also produced by the company's contractual partners in the given period. During the same period, the company produced 146,354 mt of steel sections at its medium section mill commissioned in January 2013.
In 2013, IDC recorded an 11 percent year-on-year increase in its finished steel sales, amounting to 1,419,797 mt, while its steel billet sales totaled 35,754 mt. In the meantime, in the given year IDC's finished steel exports amounted to 839,298 mt, falling by eight percent as compared to the previous year.
