Kardemir sees higher losses in H1 2024

Turkish steel manufacturer Karabuk Demir Celik (Kardemir) reported an increase in losses for the first half of 2024, according to the company's financial statement.

Kardemir's net loss reached TRY 1.829 bln (USD 53.6 mln) in H1 2024, up from TRY 1.587 bln in the same period last year.

The company's sales revenue saw a 22.6pct YoY decline, falling to TRY 24.29 bln (USD 713 mln).

Kardemir's crude steel output slightly increased by 0.12pct YoY to 1.21 mln tons, while sales volume decreased by 2.42pct YoY to 1.056 mln tons.

Founded in 1937, Kardemir is a major steel player in Turkey with a production capacity of 3.5 mln tons per year. The company produces blooms, billets, rebars, profiles along with other steel products. The company's production facilities are located in Karabuk.

1 USD / 34 TRY