Investment of $210 million by Turkish mill Isdemir
Turkish longs producer Iskenderun Demir Celik A.S (ISDEMIR) yesterday signed an agreement with German SMS-Demag and Japanese Mitsui regarding projects of “basic oxygen furnace capacity improvement and revamp” and “slab casting machine”. These projects, which will cost $210 million, are stated to be milestone for transition of Isdemir into a flats producing mill. For the projects of “basic oxygen furnace revamp and modernization” and “slab casting machine”, investments of $43.4 million and $45 million will be made respectively through cooperation between Isdemir and Erenco (Erdemir Engineering Management and Consulting Services Inc.). However, total investments will reach $210 million. Through these investments, current steel production capacity of Isdemir, which is 2.2 million tons, will be increased to 5.2 million tons by 2009. The projects are planned to be completed by May 2006.