Turkey-based specialty steel producer Asil Celik will receive support for its new plant investment which amounts to TRY 852 million ($149.3 million).
According to a presidential decree published in the Turkish Official Gazette, Asil Çelik will benefit from customs duty and value-added tax exemptions and a tax reduction for its 60,000 mt plant which will produce high quality forged steel products for the machinery, automotive, transportation and energy industries. Additionally, the new plant’s energy consumption costs will be met by the government in the coming 10 years as long as they do not exceed TRY 50 million ($8.76 million).
Asil Çelik operates in Bursa in northwestern Turkey with an annual crude steel output capacity of 550,000 mt.