Ereğli announces net profit of $110 million

DAILY SABAH
ISTANBUL
Published 05.11.2015 22:44

Ereğli Demir ve Çelik Fabrikaları T.A.Ş., the largest iron and steel company in Turkey, has announced a net profit of TL 318.9 million ($110 million) for the third quarter of 2015. According to its financial results in the third quarter of the year, the company's profits declined 29 percent compared to the same period of the previous year, in which profits were declared at TL 452.5 million. Moreover, Ereğli Demir ve Çelik Fabrikaları T.A.Ş. gained a net profit of TL 1.08 billion at the end of the first three quarters of 2015 while for the same period of 2014 profits were announced at TL 1.21billion. In addition, this corresponds to a decline of 11 percent in total profits. Currently, as of November, the price of steel is $170 per ton whereas the price of iron is $48.7 per ton. Considering that the price of steel was around $480 per ton between November 2014 and January 2015 and iron price per ton was $75 per ton in November 2014, in parallel with the declining trend in both prices, the profitability of the company decreased due to the depressed demand in commodity markets throughout 2015.

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