Turkish, Korean firms ink $350 mln deal for stainless steel investment

The annual production capacity of the plant will be 200,000 tons.

Turkish, Korean firms ink $350 mln deal for stainless steel investment

Turkey's Kibar Holding signed Thursday a deal with South Korea's Pohang Iron and Steel Company (POSCO) and its affiliate Daewoo International to team up for a stainless steel cold rolling plant in northwest Turkey.

The 350 million USD green project will build Turkey's first stainless steel cold rolling plant in Kocaeli province to meet country's increasing demand for stainless steel. The plant is expected to be completed in 2013.

Turkey's Investment Support & Promotion Agency Chairman Huseyin Aslan said such a technology did not exist in Turkey and the project would bring technology transfer, which he said was priceless.

The annual production capacity of the plant will be 200,000 tons.



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Last Mod: 06 Ocak 2011, 18:40
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