Turkey’s Treasury and Finance Minister Berat Albayrak said he expects a V-shaped recovery, while addressing the general assembly of the Banks Association of Turkey in Istanbul.

The novel coronavirus pandemic hit Turkey mid-March. According to Worldometer, the total death toll is 5,225. This is a relatively low number comparing Turkey’s population, which is more than 84 million.

After a series of curfews, testing and isolation, Turkey gradually began easing restrictions in June. The large reduction in cases brought about this change and Turkey lifted restrictions on intercity travel, permitted restaurants, cafes and parks to reopen.

The Iron and Steel industry, one of the main contributors to the Turkish economy also faced negative consequences. Several Turkish steel mills halted production and reduced capacity utilization in April and May.

Turkey’s crude steel production for April 2020 was 2.2 Mt, down by 26.3% on April 2019 according to the World Steel Association.

The pandemic-related economic downturn, combined with the substantial drop in demand for oil and gas worldwide, geopolitical tensions and weak steel demand has only added to the problem.

How long will it take for Turkey’s Iron and Steel industry to recover from the long-term effects of coronavirus? Join us on July 9 to hear inputs from key players in the Iron & Steel Industry regarding protectionism, anti-dumping measures and new opportunities.  

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