BAKU, Azerbaijan, Dec. 4
By Khagan Isayev – Trend:
The Azerbaijani Baku Steel Company (BSC) metallurgical company in 9M2021 increased steel production by 15 percent compared to the same period last year, Trend reports citing BSC.
According to BSC, the production of fittings increased by four percent, steel wire - by 40 percent, pipes - by 14 percent.
It is reported that revenues from sales of the company's products in 9M2021 amounted to 206.66 million manats ($121 million, excluding VAT), increasing by 54 percent on an annualized basis. In the same period of 2020, this figure amounted to about 134.5 million manat ($79.1 million).
"At the same time, the net profit of Baku Steel Company and EBITDA (profit before interest, taxes, depreciation and amortization) increased more than 138 times on an annualized basis - up to 65.839 million manats ($38.7 million)," the BSC said.
"The company's total profit in 9M2021 increased by 68.137 million manats ($40 million) compared to the same period last year. Thus, the company's profit in 9M2021 amounted to 55.675 million manats ($32.7 million), while it ended the previous year with a loss of 12.462 million manats ($7.3 million). At the same time, the company's free funds were attracted at the expense of profits," the message says.
"These and other indicators were achieved as a result of the optimal management of BSC assets. Currently, the company's management is working on new ideas and important projects to make BSC more successful. Positive dynamics in the company began to be observed after the management reform of Baku Steel Company in February 2021," BSC reports.
Baku Steel Company LLC, which started its activity in 2001, is the largest private metallurgical company in the South Caucasus.
BSC currently has two smelting shops with 60-ton and 30-ton electric arc furnaces, three section rolling lines, one seamless tube rolling line, one spiral seam tube rolling line, one mini shaped casting plant and one oxygen plant.
Baku Steel Company produces high-quality rebar, wire rod (wire), square and round billets, square and round rods, seamless and spiral seam pipes, as well as shaped castings of various shapes.