Turkey's crude steel output sees sharp increase

Crude steel production in Turkey totals 8.8 million tons in first quarter of 2017, according to World Steel Association

Turkey's crude steel output sees sharp increase

World Bulletin / News Desk

The production of crude steel in Turkey increased sharply in the first quarter of the year, reaching 8.8 million tons, according to data from the World Steel Association on Monday.  

The output increased by 14.1 percent year-on-year during the first three months of 2017.

Turkey maintained its position as the world’s eighth-largest crude steel producer out of 67 countries, accounting for about 2.13 percent of global output.

Veysel Yayan, secretary-general of the Turkish Iron and Steel Producers’ Association, said if the increase continues in the coming months, the country's crude steel production would reach 35.2 million tons for the year.

"This is a pleasing result but we could not compensate our loss last year," Yayan said.

Yayan said the output increase was due to an increase in exports despite a 10-percent decrease in domestic consumption.

In the first quarter of 2017, Turkey's crude steel export jumped by 20 percent, year-on-year, reaching 5.2 million tons, and in dollar terms it soared by 33.3 percent, year-on-year, to $3.4 billion, he said.

The import of crude steel declined in volume to around 21 percent or 4 million tons in the same period.

Global production of crude steel rose by 5.7 percent between during the first quarter of 2017 compared with the same period last year and totaled 410.5 million tons, according to the association’s data.

China retained its position as the world’s largest crude steel producer with 201.1 million tons -- almost half of total global output -- in the same period while Turkey was listed among the first 10 countries that increased its steel production the most.

Crude steel is an unrefined metal that is used in the construction industry.


Güncelleme Tarihi: 08 Mayıs 2017, 14:14