8/12/2009

South Korean POSCO to construct giant flat steel mill in Bursa

Vatan – Giant companies, which consider Turkey as an opportunity during the global economic crisis, have pushed the button for new investments. Following Magnitogorsk Iron and Steel Works (MMK), Russia’s third largest steel manufacturer, which attempted to acquire Turkey’s Erdemir in 2005, South Korean giant POSCO is now getting ready for a new investment. POSCO, one of the world’s largest steel mills, will initially construct a flat steel mill with an annual production capacity of 120,000 mt in the Turkish province of Bursa. POSCO’s new steel mill will focus entirely on automotive production, while financial details of the investment have not been disclosed. Ali Kibar, Chairman of Kibar Holding, said POSCO currently holds a ten percent share in Kibar Holding’s medium-scale galvanized steel mill in Istanbul and added that the South Korean company has been preparing for this investment for a long time. The construction of POSCO’s new facility will start next month and the mill will become operational in 2010. POSCO has a global annual output capacity of 30 million mt and employs more than 28,000 workers.
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