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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