In 2011, Turkey posted strong economic growth of 7.5%. However current, leading macroeconomic indicators raise questions about the sustainability of these growth rates in the future.
Fueled by the strong economy, cement consumption increased by an estimated 11% year on year, reaching 56 million tons. At the same time, export volumes declined significantly, due to the favorable domestic market conditions coupled with political problems in the traditional export markets of the Middle East and North Africa.
Adocim operations in Turkey, TITAN’s 50% joint-venture, benefited from strong demand both from private housing and public works in infrastructure and industrial projects. Clinker and cement production posted yet another record year. Ready-mix operations increased sales enhancing vertical integration.
Significant improvement was also achieved regarding health and safety with LTIFR (Lost Time Injury Frequency Rate) decreasing to 2.12 from 15.59 in 2010. In 2011 Adocim received the Integrated Management System certificates covering ISO 9001, ISO 14001 and OHSAS 18001.
Prospects for 2012 are positive. Domestic demand is anticipated to continue growing, albeit at lower pace. Population growth of about 1.1% p.a. and the youth of the country’s population, lead to needs for urban housing and infrastructure projects.