Zheijang Province-based Chinese steel producer Yongjin Corporation has announced the establishment of a joint venture in partnership with Singapore-based Lahne Holdings and China-based Hainan Fuxinhui Investment in Yalova, Turkey. The joint venture, temporarily named CANDAX, will build a cold rolled stainless steel plant in Yalova with an annual capacity of 400,000 mt. The plant is scheduled to start production in two years.
Yongjin will invest $237 million to proceed with the construction of the plant. The plant in Yalova Machinery Specialized Organized Industrial Zone will have two production lines, one with an annual 80,000 mt high value-added steel capacity and the other with 320,000 mt of annual general purpose steel capacity.
The new plant is expected to provide Turkey with a competitive advantage in exports to the EU and create a large volume of job opportunities.