Posco has completed construction of a 200kt/y cold-rolled stainless steel mill at Izmit in Turkey.

With an investment of US$350M, POSCO has a 60-percent stake in the plant the remaining shares are held by Turkey's Kibar Holding (30%) and Daewoo International (10%).

Posco Assan TST will be the sole stainless steel producer in Turkey, helping to fill a projected supply shortage of Mt/y.

Multinational automakers Renault, Fiat, Ford, Nissan and Honda have already established manufacturing in Turkey and the country also is a robust producer of home appliances which require stainless steel.

Posco also expect to be able to supply Middle Eastern countries from the plant.

The plant is expected to create synergy with another newcomer, ITPC, an Italian stainless steel manufacturing centre.

Source: ‘Korea Joongang Daily’, Seoul; 16 Aug 2013