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Turkish steel industry expected to recover in 2023

According to the Turkish Steel Producers Association (TCUD), the production of steel and steel products is expected to increase in April 2023.

Turkish steel industry expected to recover in 2023

Nearly all the businesses in Iskenderun and Osmaniye regions, which are one-third of Turkey's total steel production capacity, have started operating again. In addition, capacity utilization in the national steel industry is expected to increase from 63.7% to an average of 70% this year.

According to TCUD, the Turkish steel industry started to decline before the earthquake disaster. The sector performed worse in the first quarter of 2023 compared to the same quarter of the previous year.

Turkish steel mills produced 2.6 million tons of crude steel in January, down 17.6 percent compared to the same month of 2022. Final steel product consumption decreased by 3.5% to 2.9 million tons.

Steel exports in January decreased 9.1 percent year on year to 733 thousand tons, while revenue decreased 42 percent to $605 million. Imports fell by the same 9.1% to 1.2 million tons, but their prices fell by 21.2%, bringing the total purchase amount to $1.1 billion.

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