Turkey's steel exports rise 5.8 pct in Jan-Aug

Turkey's steel exports rose 5.8 percent in the first eight months of the year when compared to the same period last year, reaching 12.7 million tons, a trade association said on Thursday.

The value of steel exports soared 28.5 percent to $9.6 billion in Jan.-Aug. period, compared to the same timeframe in 2017, the Turkish Steel Exporters' Association (CIB) said in a statement.

"In the eight-month period of 2018, the value-based increase was recorded higher than the quantity-based one," according to Adnan Aslan, head of the CIB.

The rise in the value was influenced by the price increase of global finished steel products, the report read.

Aslan emphasized that the Turkish steel industry is the eighth largest producer of liquid steel in the world and the second largest producer in Europe.

In August, the steel exports rose 36.4 percent year-on-year, reaching 1.6 million tons.

Earnings from steel exports were $1.2 billion during the same period, marking an increase of 43 percent.

On Aug. 10, U.S. President Donald Trump ramped up his attack on Turkey by doubling U.S. tariffs on Turkish aluminum and steel imports.

In retaliation, Turkey on Aug. 15 increased tariffs on several U.S.-origin products, including alcohol and tobacco products and cars.