10/28/2010

Korean steel giant launches investment in Turkey

Hurriyet Daily News - South Korea’s POSCO, the world’s fourth-biggest steel producer, opened a USD 24 million green-field investment in western Turkey on Wednesday with a ceremony attended by representatives from the Investment Support and Promotion Agency of Turkey, or ISPAT. Dr. Huseyin Aslan, President of ISPAT, also attended the ceremony.

The POSCO plant, located in the western city of Bursa, will process flat steel for the automotive industry, according to a press statement circulated Wednesday. “The facility carries a great importance in Posco’s century-old history,” said Jung-suk Shin, Deputy President of POSCO.

“We believe this project will be extremely productive for both POSCO and for Turkey. Our investment will also be a driving force in regards to the region.”

In his speech, ISPAT President Aslan drew attention to the significance of POSCO’s investment in Turkey, saying, “Our agency’s priority is investments that create added value.. An international steel giant choosing Turkey will draw attention to the opportunities our country offers to foreign investors.”

A total of 17,600 people work at Posco’s 36 production facilities and the company’s assets are worth USD 37 billion. It currently has 42 steel service centers in 22 countries, including India, Brazil, the United States, Mexico, Canada, Japan and South Africa.
turkey; south korea; iron-steel; steel investment; flat steel; bursa; posco; ispat; huseyin aslan; Jung-suk Shin; ispat president

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