One of the leading Turkish companies Kibar Holding has announced plans to invest $1 billion in Karasu, Sakarya (in the northwest region of Turkey) to build an iron and steel plant in the region.
Mr. Ali Kibar, Vice President of the Board of Directors of Kibar Holding, said that the new plant, to be built on 700,000 acre-land Kibar bought in Karasu, will be focusing on flat steel production. The flats plant, which is expected to employ about 1,500 people, will be designed to have an annual production capacity of more than 2 million mts.
The approval for the sale of 1.7 million m²-real estate belonging to the Ministry of Treasury has been granted to Kibar Holding. Moreover, it is also stated that a port area will be allocated for the new plant.
There are also rumors in the market that Kibar Holding is looking for a foreign partner for the subject project.