Turkey's exports of steel and steel products including such specific materials as pipe amounted to USD 14.32 billion in the first 11 months of this year an increase of 3.09% over the same period a year ago suggesting an end of 2012 target of USD 15.7 billion is now within reach.
The revenue that the ambitious Turkish steel industry expects to generate in exports is USD 55 billion for the year 2023. The first 11 months saw steel exports equal 18.2 million tonnes in an encouraging rise of 11.39% over the same months of 2011.
The total amount of steel exports targeted for 2012 stands at 20 million tonnes. In separate data, domestic steel production capacity is expected to hit 36 million tonnes this year.
Much of the credit in Turkish steel exports recovery goes to loyal customers from the Middle East. This is not a surprise, though, given the increasing role Turkey plays as a key steel provider to the region, a fact due in particular to a booming Middle Eastern construction market. The Middle East was Turkey's largest destination for steel exports in the first 11 months this year receiving 7.4 million tonnes followed by the EU countries with 2 million tons and by North Africa with 1.9 million tonnes.
Turkish contractors have realized large projects in the Turkic republics, the Middle East, North Africa and Russia over the past decade while a number of prestigious development projects in these regions are currently under way.