Turkish steel company OYAK Mining and Metallurgy Group announced its financial and operating results for the first quarter of 2026.
The company reported a net profit of TRY 405.79 million (USD 9.14 million) for the first quarter, compared to a net profit of TRY 447.90 million in the same period last year, while the company's sales revenue was 59.68 billion Turkish lira ($1.34 billion), up 11.5 percent from last year. The company's operating income in the quarter was TRY 2.43 billion ($54.67 million), compared with an operating income of TRY 1.90 billion in the same period last year.
In terms of operating results, OYAK Mining and Metals Group produced 2.3 million tons of steel in the period, an increase of 21.1 percent year-on-year, including 900,000 tons of crude steel were produced at the Eregli plant and 1.4 million tons at the İskenderun plant.
In the first quarter, OYAK Mining and Metallurgical Group's output of flat products increased by 8.8 percent year on year to 1.85 million tons, and the company's long products output amounted to 265,000 tons, an increase of 32.5 percent in on an annual basis. In addition, during the period, the company's flat steel sales volumes increased by 9.4 percent year-on-year to 1.89 million tons, and long products sales volumes increased by 33.5 percent year-on-year to 235,000 tons.
A notable improvement was observed in the company's capacity utilization rates. In the first quarter, OYAK Mining and Metallurgy Group's liquid steel capacity utilization rate rose to 98 percent from 80 percent in the same period last year, and its crude steel capacity utilization rate increased to 96 percent from 79 percent. The group also said it accounted for 23 percent of Turkey's steel production in the first two months of the year.
