At the “ Economic Evaluation Meeting” held by Turkey-based Aegean Ferrous and Non-Ferrous Metals Exporters Association, it was stated that the value of Turkey’s steel exports in 2023 declined to $14 billion compared to $21.62 billion recorded in 2022, due to the increase in energy, raw material and labor cost, quotas, safeguard measures and the fact that exchange rates do not increase in the line with inflation. Stating that the Turkish steel industry has lost its competitiveness due to the increase in production costs.

Stating that the share of the Turkish steel industry’s exports in the EU market had decreased from 45 percent to 33 percent, Ertan stated that this decrease resulted in a decline in the utilization rate of Turkish liquid steel production capacity from 78-80 percent to 53-55 percent. Indicating that the interest/exchange rate/inflation balance should be established and that exchange rate should increase at the rate of real inflation in the order to carry out production and exports, he pointed to the fact that 70 percent of the raw materials used in Turkish steel production are sourced from imports.