Turkish sector expected to contract 10-12%

Turkish sector expected to contract 10-12%
Published: 13 March 2009

Head of the Turkish cement manufacturers’ association (TCMA), Adnan Ignebekcili, says local cement makers managed to offset the effects of economic downturn in 2008 with the help of export deals sealed before the global financial crisis broke.

However, cement makers will not be able to sustain this trend in 2008 and the TCMA expects domestic cement demand to contract by 10 to 12% to 38mn tonnes this year, Ignebekcili asserts. Cement production increased 4.4% y/y last year on the back of sharply increasing exports while local sales dropped 5.54%, according to Ignebekcili. Turkey became the third largest exporter after China and Taiwan with 12mn tonnes of cement and 2.5Mt of clinker exports, the official informs. Local cement makers exported 11.9t of cement last year that represents an 72.46%YoY increase, Ignebekcili asserts. Also the country became the largest cement producer across Europe with an annual output capacity of 54Mt Ignebekcili notes.

Source: Turkey Sectors and Companies Today