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EVALUATION OF THE FINANCIAL PERFORMANCES OF TURKISH BASIC METAL INDUSTRY COMPANIES DURING THE COVID-19 PANDEMIC WITH ENTROPY – MARCOS INTEGRATED APPROACH

The economies of many countries have come to a standstill due to the contraction in global production 
caused by COVID-19 epidemic which was declared a pandemic by World Health Organization (WHO) 
in March 2020. The basic metal industry, which is the locomotive of the Turkish manufacturing sector, is 
one of the sectors greatly affected by the pandemic. The financial performances of companies in the sector 
seriously affect the decision-making processes of managers and capital market investors. In this study, the 
financial performances of 20 firms listed in the BIST Base Metal Index (XMANA) during the pandemic 
were analyzed. The analysis results of the pandemic period (2020/06 – 2021/06) were compared with the 
previous one-year period and significant changes were found. For performance measurement, 15 different 
criteria were determined which were compiled from the balance sheet and income statements, consisting 
of liquidity, profitability, cost, value, growth, capital structure and activity ratios. In the study, Entropy, 
which is a multi-criteria decision-making method, was used to calculate the importance weights of the 
criteria; in addition, the MARCOS Method, a new method proposed in 2020, was used to rank companies 
according to the determined criteria. According to the analysis results, the metal industry company with 
the highest financial performance during the pandemic period is ÇEMTAŞ Çelik Makina Sanayi ve Ticaret 
A.Ş. (ÇEMTS). Kardemir Karabük Demir Çelik Sanayi A.Ş. (KRDMD) and AYES Çelik Hasır ve Çit Sanayi 
A.Ş. (AYES) followed it, respectively.