ArcelorMittal to set up rebar JV in northern Iraq

Tuesday, 16 March 2010 10:46:04 (GMT+3)   |  
       

The world's largest steelmaker Luxembourg-based ArcelorMittal has announced today that it has signed a memorandum of understanding to establish a joint venture with Turkish partner Dayen to build a steel mini-mill with electric furnace in Sulaimaniyah in northern Iraq.

The mill will produce in its initial phase up to 250,000 metric tons of rebars per year from locally sourced scrap and will require an investment of $100-130 million, jointly subscribed by ArcelorMittal and Dayen.

Construction of the plant in question is planned to start in the second quarter of 2010 and production is planned to commence early in the last quarter of 2011. Production could eventually increase to 500,000 metric tons per year.

"There are many opportunities for ArcelorMittal to assist in the development of the country," said Christophe Cornier, member of ArcelorMittal's group management board. "There is great demand  for steel products for the local construction industry, which we aim to meet, working closely with our partner Dayen and the local government in northern Iraq."


Similar articles

Import longs offers in Romania now attractive, local prices stable

28 Mar | Longs and Billet

Turkish domestic dollar-based rebar spot prices soften

28 Mar | Longs and Billet

Major steel and raw material futures prices in China - March 28, 2024

28 Mar | Longs and Billet

Rebar consumption in Mexico decreases 3.1 percent in January

27 Mar | Steel News

US rebar prices mostly stable with occasional deals

27 Mar | Longs and Billet

Downtrend reverses in Pakistan’s import scrap segment

27 Mar | Scrap & Raw Materials

Turkey seeks to raise rebar export offers, demand mostly seen locally

27 Mar | Longs and Billet

Iskenderun-based Turkish mill increases its rebar price      

27 Mar | Longs and Billet

Major steel and raw material futures prices in China - March 27, 2024

27 Mar | Longs and Billet

US import rebar market remains quiet

26 Mar | Longs and Billet