POSCO Assan TST, the Turkey-based stainless steel producing joint venture of South Korean steelmaker POSCO and Turkey's Assan Celik, has announced that it shipped its first 1.5 mm stainless coil on July 14. The first customers of the company were Budinoks and Nickel Stainless Steel.
The POSCO Assan TST stainless steel plant, which had started production in previous weeks, has a capacity of 200,000 mt per year in its first phase. The company aims to reach an annual output capacity of 400,000 mt of stainless steel in the coming period. Meanwhile, the company plans to reach an annual turnover of $500 million, to replace imports worth $100 million each year, and to achieve annual currency inflow of $200 million into Turkey.
According to the company statement, Turkey's stainless steel consumption of 350,000 mt per year is supplied completely by imports. POSCO Assan TST aims to provide products to the Turkish automotive, white goods, construction, industry, health and agriculture sectors as soon as possible.
Speaking at the ceremony marking the first shipment, POSCO Assan TST CEO Jong Won Kwon indicated that the plant was an important turning point for Turkey's stainless steel industry, stating, "Turkey does not now have to meet its stainless steel requirements through imports. Our company will meet Turkey's demand for stainless steel in the coming period with additional investments."