On May 31, Turkish integrated long steel producer Kardemir Karabuk Demir Celik San ve Tic. A.S. (Kardemir) announced that it has signed a contract with China Shanghai (Group) Corporation for Foreign Economic and Technological Cooperation (SFECO) for the supply of equipment and engineering works for Kardemir's planned 50 MW power plant. The contract in question is worth $29.75 million.
The investment is expected to come on stream within 26 months. As SteelOrbis previously reported, the new power plant will generate 50 megawatts of power using the plant's gas emissions and, thus, it will enable the production of power used in the plant internally.
In late December last year, Kardemir had announced that it had secured a twelve-year outsourced credit line worth $41 million, from Development Bank of Turkey, to be used in power plant investment.