According to a statement from Turkey’s Ministry of Industry and Technology, Turkish steelmaker Akçelik Demir Çelik Sanayi ve Ticaret Limited, operating in Kocaeli, will invest TRY 235.94 million ($12.66 million) to increase its production capacity.
Following the investment, Akçelik will have an annual production capacity of 94,020 mt of cold drawn and peeled bars.
In addition, the company will import $8.91 million (TRY 166.17 million) worth of machinery and equipment. Thus, the total investment will exceed TRY 402 million ($21.56 million).
Meanwhile, the investment will create 30 new jobs.