Ereğli Iron and Steel Works Co. Inc. reported a net profit of $9 million in the first quarter of 2026, marking a return to profitability after a USD 49 million loss in the same period last year, while strengthening its operational performance.

The company’s liquid steel production increased by 22% year-on-year to 2.353 million tons in the first quarter, with the capacity utilization rate rising to 96%, well above the 2025 average of 85%. Total sales volume grew by 12% to 2.123 million tons, consisting of 1.498 million tons of flat products, 176 thousand tons of long products, and 449 thousand tons of other products. The share of exports in total sales declined from 22.2% to 14.7%, while the weight of domestic sales increased.

On the financial side, despite higher sales volumes, net sales revenue decreased year-on-year due to global price movements. The company’s revenue decreased from USD 1.48 billion to USD 1.369 billion. Domestic sales revenue increased from USD 1.06 billion to USD 1.155 billion, while export revenue dropped from USD 420 million to USD 214 million.

Profitability indicators showed a notable improvement. EBITDA increased from USD 99 million to USD 137 million, while the EBITDA margin increased from 6.7% to 10%. EBITDA per ton climbed from USD 51/ton to USD 73/ton, reaching its highest level in the last seven quarters.

The company’s financial structure also strengthened. Net debt decreased from USD 963 million at the end of 2025 to USD 676 million as of March 2026, while the net debt/EBITDA ratio declined from 1.92 to 1.25. Net working capital decreased from USD 921 million to USD 844 million, and capital expenditures totaled USD 147 million in the first quarter.

In terms of cost structure, raw materials accounted for the largest share at 68%, followed by personnel expenses at 11%, energy and depreciation expenses at 6% each, and other costs at 9%.