Hurriyet - Pohang Iron and Steel Company (POSCO), the world’s third largest steelmaker, has decided to expand its investments in Turkey. Having commissioned its USD 24 million production plant in the western Turkish province of Bursa last October, the South Korean company has now announced another steel plant to be built in the neighboring Kocaeli province at an investment cost of USD 350 million.
“POSCO’s greenfield investment will satisfy Turkey’s annual demand for stainless steel, which amounts to 210,000 mt, and will turn Turkey into a center for the strategically important steel industry in Eastern Europe, the Middle East and the CIS countries,” said Dr. Huseyin Aslan, President of the Investment Support and Promotion Agency of Turkey (ISPAT), during the press event. “This investment decision has once again brought Turkey under the global investors’ spotlight,” added Aslan.
Once completed in 2013, the cold-rolled stainless steel plant will employ 1,000 people and will have an annual production capacity of 200,000 mt. POSCO’s global production amounts to some 30 million mt, while the company employs more than 17,000 people in 36 plants in 22 different countries.