KARDEMIR REACHES A NET PROFIT OF TRY 60.6M

Operating in the iron and steel industry, Kardemir ended 2020 with a consolidated net profit of TRY 60.6m and net sales revenues of TRY 7.52bn, according to a statement by the company. Kardemir’s sales revenues increased by 23.7% in 2020, compared to the previous year, the statement said. The company’s raw steel manufacturing increased by 11.5% to 2.5m tonnes and final rolled product sales rose by 5.7% to 2.37m tonnes. The company also raised the number of employees on a consolidated basis to 147. The adverse effects created in the steel industry triggered by the pandemic, especially since March, has been replace by financial and operational recovery since Q4 2020, according to the company.