On Friday, October 10, a meeting with the press was held in Iskenderun concerning the "Modernization and Transformation Investment (MTI) Projects" at the Iskenderun Iron & Steel Facilities (Isdemir) owned by Turkish integrated flats producer Erdemir, which is a subsidiary of the Turkish-based Oyak Group.
According to Oyak CEO Coskun Ulusoy, the three billion dollar investment made since Isdemir's transfer to Oyak Group is the largest investment ever made in a single move during the history of the Turkish Republic.
As a result of the investment projects carried out since Isdemir's privatization in 2002, Erdemir will up its total molten steel capacity to around nine million mt and will move to fourth place in terms of capacity among EU steel mills by 2010, up from eighth place in 2007.
With its modernization projects, Isdemir will be able to produce an annual 3.5 million mt of coils of 1.2-22 mm in thickness, of 700-2,050 mm in strip width, and with a maximum of 39 mt in weight.
Commenting on the current global financial crisis, Ulusoy stated that Turkey will also be affected by this crisis, but that Oyak Group will not be affected in terms of production and cash. Ulusoy added, "We will also make foreign investments. There is a concealed global struggle going on in the mining and energy sectors. By taking part in this struggle and expanding our portfolio, we will become a worldwide company."