Turkish steel producer Yükselen Çelik has announced its financial results for 2024.
In the given year, the company recorded a net loss of TRY 388.26 million ($10.6 million), compared to a net loss of TRY 213.02 million in 2023, while it registered an operating profit of TRY 124.08 million ($3.39 million), down by 47.8 percent year on year. In the meantime, Yükselen Çelik’s sales revenues decreased by 23.8 percent to TRY 1.55 billion ($42.5 million).
According to its statement, the company’s debts decreased in the last six months of 2024 and are planned to be reduced this year. Yükselen Çelik expects to increase its gross profit with the low-priced raw materials to be purchased this year, as global steel prices have almost bottomed out.