Located in Izmit, a coastal industrial city about 100 kilometers east of Istanbul, the plant will be churning out 200,000 metric tons of cold-rolled stainless steel starting April 2013, POSCO said.
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.
Turkey’s textile and clothing sector plays a key role in the country’s economy.
Indeed, in 2010 it accounted for an estimated 10% share of the country’s gross domestic product (GDP) and for as much as 19.2% of its total export earnings.
In 2010 the country’s textile and clothing exports rose by 13.0% to US$21,803.8 mn. In the case of clothing, Turkey’s exports rose by 10.2% to US$12,367.3 mn in 2010 and by 15.3% to US$6,799.0 mn during January-June 2011. Textile exports were even more lively during the period, having increased by 16.8% to US$9,436.4 mn in 2010 and by 30.6% to US$5,722.8 mn during January-June 2011.
Foreign demand was especially robust for a number of textile product categories in 2010.
ALUEXPO 2011 – 2nd Aluminium Products, Machinery and Technologies Trade Fair is to be held between October 13-16 2011 in Halls 9, 10 and 11 of Istanbul Expo Center.
2nd Aluminium Technology, Machinery and Products Trade Fair once more offers the chance to enter the growing markets of Turkey and Eurasian Region, which are solidly on their way to becoming prominent centers of the global aluminium sector, to meet new companies and buyers, to present the power of the Turkish aluminium industry effectively, to renew old business connections and to gain detailed information about new products and technologies through the symposium, for both its exhibitors and visitors.
Extracted from IHS Global Insight article dated September 28, 2011
The Turkish light-vehicle market has witnessed some astonishing growth rates during the past two years. Despite many believing that following the end of the cut in special consumption tax (SCT) during 2009 at the height of the global economic downturn, would bring with it declines, the market did completely the opposite. Demand in the country in fact reached record levels in 2010 of 760,000 units, surpassing an earlier peak of 710,000 units in 2005.
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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.
