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Kardemir has targeted an investment of 1 billion dollars in 5 years

Kardemir 28th Ordinary General Assembly was held with the participation of the Chairman of the Board of Directors, Alparslan Bayraktar.

Kardemir has targeted an investment of 1 billion dollars in 5 years

Members of the board of directors, General Manager Necdet Utkanlar and shareholders attended the ordinary general assembly meeting at the Education and Culture Center where the activities of KARDEMİR for the year 2022 were discussed.

Alparslan Bayraktar, who is also the Deputy Minister of Energy and Natural Resources, said in his speech that world crude steel production was 1 billion 879 million tons in 2022 with a decrease of 4.2 percent compared to the previous year.Stating that crude steel production in Turkey, which is the eighth largest producer in the world, decreased by 12.9 percent compared to the previous year and decreased to 35.1 million tons, Bayraktar said, "While Turkey's steel product exports decreased by 23.5 percent in 2022 due to the global recession, Imports decreased at a more limited rate, such as 3.6 percent."

Bayraktar Reported that a Total of 2.22 Million Tons of Crude Steel and 2.14 Million Tons of Final Products were Produced in KARDEMİR in 2022.

Stating that they have ensured the continuity of semi-products in wide profile production with new mold investments in the steel mill continuous casting facility, Bayraktar said: 

"We have made the production programs more efficient. Again, we have produced a total of 481 thousand tons of finished products in the high value added profile, rail and plate product groups at the Rail Profile Rolling Mill. Also during this period, we added 136 high value added products to our portfolio, especially high-strength coils, bolt and nut steels used in the automotive industry, engineering steels used in the machinery manufacturing industry, skilled coils used in the construction of railway fasteners."

"Railway Wheel Sales Increased by 456 Percent in 2022"

Bayraktar stated that profile sales, which are among the products with high added value, increased by 9 percent, thick coil sales by 41 percent and railway wheel sales by 456 percent compared to the previous year and said, "While the European Union, the Balkans, North Africa, Central Asia and the Middle East will be our export markets in 2022, export revenue worth 45.5 million dollars has been achieved. We have also determined increasing our exports with new markets and new customers as a priority target this year. In financial terms, the first half and the second half of 2022 have been quite different from each other.

Pointing out that they achieved very positive results in both profitability and cash flow with the positive effect of demand in the first half of the year, Bayraktar said, "In the second half of the year, the negative effects of the Russia-Ukraine war on demand and energy costs had serious negative effects on all world economies, especially on the steel industry. Despite all this, our sales amounted to TL 27.4 billion with an increase of 85.6 percent compared to the previous year. Consolidated EBITDA for 2022 was USD 135 per ton, and our net profit in total was TL 2.17 billion.

Emphasizing that investments such as the new crucible furnace, vacuum facility, additional continuous casting machine, which they have launched in order to increase high value-added steel production and ensure product diversity, in addition to environmental investments, will also be projects that they will focus on this year, Bayraktar said, "Hereby, I would like to share our new investment target, which will reach 1 billion dollars between 2023-2028, that is, in the next 5 years."

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