South Korean steelmaker Pohang Iron and Steel Co. (POSCO) has announced that in February this year its POSCO-Turkey Nilufer Processing Center (POSCO-TNPC), an automotive steel processing center based near Bursa, reached total sales of one million mt since its establishment in 2009, despite Turkey’s economic crisis and global trade protectionism.
According to the company statement, following the financial crisis last year, the Turkish lira has depreciated by more than 40 percent. Together with rising global trade protectionism since last year, POSCO’s trade operations in Turkey have become all the more challenging.
In order to cope with these circumstances, POSCO-TNPC is focusing on boosting sales of its WTP (World Top Premium) products and is supporting overseas customers’ export businesses to Europe and the Middle East. Also, POSCO-TNPC has established an extensive portfolio composed of automotive steel plates, POSMAC, and electric steel plates, which helped secure stable profits in this context.