POSCO Completes Construction of Izmit (Turkey) Stainless Steel Mill
POSCO Completes Construction of Izmit (Turkey) Stainless Steel Mill
  • Korea IT Times (info@koreaittimes.com)
  • 승인 2013.08.17 00:04
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SEOUL, KOREA- POSCO said on August 15 that it held a completion ceremony on the same day for a US$350 million cold-rolled stainless steel plant called "POSCO Assan TST" in Izmit, Turkey, about 100 kilometers east of Istanbul. The plant has an annual production capacity of 200,000 tons. In the ceremony, about 300 dignitaries were present including Turkey's Minister of Science, Industry and Technology Nihat Ergun and Economy Minister Zafer Caglayan, as well as POSCO chairman Chung Joon-yang.
 
With an investment of $350 million, POSCO has a 60-percent stake in the plant while the remaining shares are held by Turkey's Kibar Holding (30%) and Daewoo International (10%). With the completion of the Turkish plant, the steel maker expects that it would be able to increase its sales to neighboring regions including the Middle East and Europe. It also expects synergies with a stainless steel processing plant to be open next month in Verona, Italy.
 
The mill is located within the Izmit industrial complex and its proximity to Derince Port will make it easy for the company to transport stainless hot-rolled plates from Pohang Steelworks in Korea necessary for the stainless cold-rolling mill.

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