Milliyet - South Korean Pohang Iron and Steel Company’s (POSCO) USD 350 million flat steel mill in Turkey’s Kocaeli province will operate above Turkish and EU environmental standards once it is completed in 2013, according to the company’s Quality and Technology Development Manager Ki-Wook Kim.
With an annual output of 200,000 mt, the joint venture between Turkey’s Kibar Holding and South Korean companies Daewoo and POSCO aims to meet 40 percent of Turkey’s demand for flat steel, thus reducing imports considerably. According to Kim, the Kocaeli facility will be equipped with state-of-the-art technology to minimize the impact on the environment, thus guaranteeing emission values ten times below the regulations. “POSCO’s Turkey plant will surpass South Korean standards in that regard,” Kim noted, saying, “POSCO sets aside 6 percent of its budget for environmental development and spends 3.5 percent of its research and development budget on environmental studies.”
Realized with the Investment Support and Promotion Agency of Turkey’s (ISPAT) assistance and contribution, the steel plant project in Kocaeli is a major investment in Turkey’s steel industry, transferring know-how and technology.