Pohang Iron and Steel Company, or POSCO, will implement its $350 million stainless steel cold rolling mill project with the partnership of Kibar Holding and Daewoo.
POSCO, having recently announced its investment decision concerning Turkey in the joint press conference held with the Prime Ministry Investment Support and Promotion Agency of Turkey, or ISPAT.
Ali Kibar, Chairman of the Executive Board of Kibar Holding, said at the signing ceremony the new project would benefit Turkey’s stainless steel sector. “Stainless steel production in Turkey is still not high enough. The domestic annual consumption is almost 300,000 meters. The plant in the pipeline will have an annual capacity of 200,000 meters while it will cost $350 million and will employ 1,000 people. The capacity of the plant is foreseen to be expanded upon requirement. The investment will start this year and will be finished in 2013. As this investment is planned to be finalized as per schedule, we need the combined support of the authorities and the district. I strongly believe that we will not be refused,” he said.
Yang Yeon Hwang, Senior Executive Vice President of Daewoo International, expressed his pleasure for the joint venture created with Kibar Holding, underlining that they would work with utmost dedication in order to deliver the shipments on time and not experience any delays in their operations once the facility is commissioned.
Chang Kwan Oh, Chief of POSCO Stainless and Special Steel Division, said Turkey is a country of strategic importance for them. “We would like to create a strong production and sales hub in Turkey through the establishment of a stainless steel company. We are planning to grab a large share in the stainless steel market in the near future.”
Source: Hurriyet Daily News
