The opening ceremony of POSCO Assan TST, the Turkey-based stainless steel producing joint venture of South Korean steelmaker POSCO, Turkey's Kibar Holding and Daewoo International has been held on August 15. Posco Assan TST, which will become the first stainless steel producer in Turkey, will initially produce 200,000 mt of stainless steel per year. The company aims to double its annual production capacity to 400,000 mt and meet all Turkish domestic demand. On the other hand, the company's export target stands at $1 billion.
Participating at the ceremony, Turkish Minister of Science, Industry and Technology Nihat Ergun pointed out that Turkey's annual stainless steel consumption stands at 325,000 mt and almost all of it is supplied by imports. Stainless steel consumption in Turkey is expected to reach 1 million mt in the next 10 years.