Turkish steelmaker Kardemir plans to expand its annual production capacity to 3.5mn mt from the present 3mn mt, according to the company’s annual result.
In 2019, the company’s production remained unchanged from 2018 due to renewal investments in blast furnaces. In 2020, however, Kardemir targets to reach an annual production level of 2.5mn mt. Kardemir looks to diversify its production to meet the needs of the domestic automotive, defence, rail system and machinery manufacturing industry sectors to reduce the dependence on imports.
Kardemir’s net profit in 2019 was TRY80.6mn ($13.16mn). The company stated that 2019 was a difficult year for the global steel industry amid a rise in input cost and a decline in global steel prices. Despite these difficulties, the company could make a $98.2mn investment in 2019.