POSCO (Pohang Iron and Steel Company-South Korea) has set out to deepen its foothold in Turkey’s growing market as it broke ground Wednesday on its new cold-rolling mill near the country’s economic and cultural capital.The world’s fourth-largest steelmaker teamed up with its trading affiliate Daewoo International Corp. and Istanbul-based Kibar Holding A.S. in January to form a joint venture with an investment of $350 million.Through the new facilities, POSCO said it wants to enter the lucrative stainless steel market in Turkey and nearby countries.
Demand for the corrosion-resistant material is spiraling in Turkey as the country looks to transition the driving force behind its economic advancement from smokestack industries to high-tech.Global automakers including Renault, Ford, Fiat, Nissan and Honda are beefing up operations there as well.“Turkey has been striving to manufacture cold-rolled coils at home, using our own resources,” Ali Kibar, chief executive of Kibar Holdings, said at a groundbreaking ceremony.