Turkish steelmaker OYAK Mining Metallurgy Group has announced a $1 billion investment plan as part of their strategy to consolidate their market share in the steel industry and strengthen their competitiveness.
With new projects to come online at Ereğli Works, the company aims to increase use of local resources, as well as steel production capacity and efficiency, while improving up-to-date technology use and strengthening competitiveness through backward integration.
OYAK Mining Metallurgy Group president Toker Özcan said that the $1 billion investment will include a coking plant with an annual capacity of 800,000 mt, a sintering plant with an annual capacity of 5 million mt, a new blast furnace, upgrading and modernization of the melt shop, upgrading of the port facilities, and modernization of automotive grade production lines in regard to industry 4.0.