Kardemir returns to profit in first nine months

Turkey's Kardemir returned to profit in the first nine months of 2026, reporting a net profit of TRY 6.58 bln (USD 131.6 mln), compared with a net loss of TRY 1.24 bln in the same period last year.

Revenue declined 3.1pct YoY to TRY 60.57 bln (USD 1.21 bln) during January-September, compared with TRY 62.53 bln a year earlier.

In the third quarter alone, Kardemir recorded a net profit of TRY 269 mln (USD 5.4 mln), compared with a net loss of TRY 884.5 mln in the same quarter of 2025. Quarterly revenue increased 1.5pct YoY to TRY 21.14 bln (USD 422.7 mln).

Kardemir's domestic sales declined to TRY 59.39 bln during the first nine months from TRY 61.11 bln a year earlier, while export sales fell to TRY 1.49 bln from TRY 1.79 bln.

Operationally, Kardemir's crude steel production increased 11.4pct YoY to 1.99 mln tons in the first nine months of 2026. Finished steel output rose 6.3pct to 2.06 mln tons, while total sales volume increased 4.9pct to 1.97 mln tons.

Kardemir, established in 1937, has an annual crude steel production capacity of around 3.5 mln tons. The company produces billets, blooms, rebar, wire rod and profiles at its facilities in Karabuk.

1 USD / 50 TRY