BGC Partners: EREGL, KRDMD: Notes from our recent talk with Erdemir and Kardemir
Given the downtrend in steel prices and iron ore, the net result is a q/q weakness in EBITDA/ton levels in 3Q19 and 4Q19. In 3Q19, one should estimate a slightly higher EBITDA per ton than US$100 (BGC: US$103), and in 4Q19 EBITDA per ton is likely to emerge at around US$90-95 (1Q19: US$146, 2Q19: US$141, 3Q18: US$225, BGC: US$127) as the impact of weaker steel prices comes with a lag.Eregli Demir Ve Celik Fabrikalari is engaged in the production of iron and steel rolled products, alloyed and non-alloyed iron, steel and pig iron castings, cast and pressed products, coke and their by-products.
Kardemir Karabuk Demir Celik Sanayi ve Ticaret manufactures and sells raw iron and steel products and coke and coke side products. KARABUK Co.'s products include: Steel Products - Blooms, Billets and Beam Blank; Rolling Mill Products - Hot Rolled Round Steel (Bars), Hot Rolled Round Steel (Deformed Bars), Steel Nip Beams, Steel Npu Profiles, Equal Angles, GI Profile, Rails and Billets; Coke Products - Coke Plant Products, Ammonium Sulphate, Pressed Naphthalane, Tar Paint, Carbolic Oil, Grude Benzole, Refine Washed Oil and Crude Tar and Other Products - Pig Irons, Granule Slag, Oxygen, Nitrogen, Argon.
BGC has been one of the major market players in Turkish OTC debt, FX and swaps markets since 1998.
We started offering corporate finance and investment banking services to our clients in 2013. We offer a complete range of financial services to help our clients achieve their goals. Our main areas of activity within investment banking are as follows:
- Mergers & Acquisitions
- Equity Capital Markets
- Debt Finance & Advisory
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