Turkey’s Borusan Mannesmann announces new investment in US

Thursday, 31 March 2022 16:34:39 (GMT+3)   |   Istanbul
       

Turkey’s leading steel pipe producer Borusan Mannesmann has announced that it plans to make its US-based subsidiary Borusan Mannesmann Pipe US Inc. a local manufacturer in the construction sector and general industry segments, in addition to its existing drill pipe production activities in the US, in line with its strategic growth targets.

Accordingly, with a new investment of approximately $50 million planned to be made in the US, the existing capacity of 300,000 mt will increase to 400,000 mt, and 85 new employees will be employed. The scope of the investment consists of renewing an existing pipe production line and pipe welding facility in Turkey and moving it to the US, turning it into an integrated facility that will operate in sync with the new high-tech accumulation and completion lines.

With the new investment, which is expected to be realized in 2023, the annual turnover of Borusan Mannesmann Pipe US is targeted to reach $600 million.


Similar articles

Local Chinese steel pipe prices mostly decline

28 Mar | Tube and Pipe

US OCTG exports up 26.8 percent in January

27 Mar | Steel News

India’s VSTL setting up greenfield steel pipe making unit in Odisha

27 Mar | Steel News

Japanese crude steel output down 3.8 percent in February from January

27 Mar | Steel News

India’s Welspun secures $62 million steel pipe supply contract in Saudi Arabia

26 Mar | Steel News

Some EU flat steel import quotas about to be exhausted near end of period

26 Mar | Steel News

Canada initiates review on line pipe from S. Korea

25 Mar | Steel News

India’s Welspun and Saudi Arabia’s Aramco terminate steel pipe supply contract

25 Mar | Steel News

US and Canadian rig counts both decline week-on-week

22 Mar | Steel News

US structural pipe and tube exports down 41.7 percent in January

22 Mar | Steel News