Turkey's iron-steel group posts 1 bln TL net profit

ISTANBUL (A.A) - February 16, 2012 - Turkey's Eregli Iron and Steel Enterprises (ERDEMIR) Group posted on Thursday 1 billion Turkish lira-TL (564 million USD) of net profit for 2011. A group statement said Erdemir group's net profit was up 31 percent year-on-year in 2010 and climbed over 1 billion TL (564 million USD). Consolidated revenues rose 34 percent to 8.9 billion TL (5.3 billion USD).  Erdemir Group is the biggest industrial corporation of Turkey in terms of total assets, with 9 subsidiaries. The parent company of the group is Eregli iron and steel enterprises, which is the largest flat steel manufacturer of Turkey. The subsidiaries are Iskenderun based Isdemir, long steel manufacturer whose production is now extended with flat steel by new hot mill investments, Erdemir Maden with reserves in Sivas and Malatya-Hasancelebi, the siliceous steel plant Erdemir Romanya in Romania, Erenco, which offers investment and engineering service for iron and steel investors, Erdemir Lojistik providing logistics service, Erdemir Celik Servis Merkezi, steel service center for cold product cutting and slitting in Gebze and Erdemir Gaz, established to meet the group's need of gas. The group is one of the major players of iron and steel industry with industrial facilities in Turkey and Romania and also owns 80 percent of iron ore reserves in Turkey. It has 2 ports, which are located in Eregli (Black Sea town) and Iskenderun (southern town).