İsdemir’s production reaches pre-earthquake level
ISTANBUL
Steelmaker İsdemir (İskenderun Demir Çelik) has announced that it resumed production that was interrupted due to the February earthquakes which hit Türkiye’s southern provinces.
Production at İsdemir was restarted in a gradual and controlled manner, and the pre-earthquake production levels were reached, the company said in a filing with Borsa Istanbul.
“The insurance appraisal and damage assessment studies continue and as shared in our previous disclosures, our Company’s damages due to earthquakes are covered by the insurance coverage,” the statement added.
In February, the steelmaker said in a statement that amid the earthquakes due diligence studies were carried out and production was suspended at its production facilities.
İsdemir, which is Türkiye’s largest iron and steel plant, is the country’s only integrated flat steel producer that is capable of producing both flat and long products.
Last year it produced 4.75 million tons of liquid steel and 3.87 million tons of flat steel. Its flat steel shipments stood at 3.99 million tons, while long steel shipments were 764,000 tons.
Net sales revenues of the company fell by 3.8 percent in 2022 from 2021 to $4.15 billion, while its net profit dropped more than 41 percent to $450 million.
It sold 4.76 million tons of products in 2022, down from the previous year’s 5.21 million tons, according to a presentation on the company’s website.
The crude steel capacity utilization ratio retreated from 98 percent in 2021 to 80 percent last year.
It had nearly 4,700 employees in 2022.
